TECHNICALS-CBOT soybeans to slide to $10.48-1/4
SINGAPORE, Feb 2 (Reuters) - The CBOT soybean March contract SH26 is expected to slide to $10.48-1/4 per bushel, as it has cleared a support of $10.56-3/4.
A wave c from $10.70-3/4 is driving the fall. It has travelled below its 61.8% projection level of $10.56-3/4. Chances are it may extend to $10.48-1/4.
Immediate resistance is at $10.56-3/4, a break above which may lead to a gain to $10.59-1/2. On the daily chart, the contract has broken support at $10.57-1/2.
The break is likely to be followed by a drop into the $10.37-3/4 to $10.47-1/4 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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