TECHNICALS-CBOT soybeans due for decent bounce
SINGAPORE, Dec 23 (Reuters) - The CBOT soybean March contract SH26 is due for a decent bounce, as it is stabilising around support of $10.58-1/4 per bushel.
The stabilization, along with the bullish divergence on the hourly MACD, suggests the formation of a temporary bottom or a completion of the wave C from $11.50.
A break below $10.58-1/4 may open the way toward $10.44-1/2 to 410.44-1/2 range.
Wang Tao is a Reuters market analyst for commodities and energy technicals. Views expressed are his own.
No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.
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