TECHNICALS-CBOT soybeans may fall into $10.32 to $10.39-1/2 range

SINGAPORE, Jan 2 (Reuters) - The CBOT soybean March contract SH26 may fall into a range of $10.32 to $10.39-1/2 per bushel, driven by a wave E.

A channel technique and a Fibonacci projection analysis mark this target zone. A conservative target zone is from $10.39-1/2 to $10.44.

Resistance is at $10.51-1/4, a break above which may lead to a gain into $10.57-3/4 to $10.62-3/4 range.

On the daily chart, the market has broken a support at $10.51.

The break opened the way toward $10.22-1/4. Wave theory suggests the same target as well, because a wave B ended around this level.

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.

​

​