TECHNICALS-CBOT soybeans to test support at $10.99-1/2
SINGAPORE, Feb 6 (Reuters) - The CBOT soybean March contract SH26 is expected to test a support at $10.99-1/2 per bushel, a break below which could trigger a fall into $10.88-1/4 to $10.93 range.
The contract failed to break a resistance at $11.10-3/4. Considering that the shooting star on Wednesday overshadows the attempt of the market to climb higher, the failure strongly suggests a completion of the bounce from $10.86-3/4.
A break above $11.10-3/4 may lead to a gain to $11.17-3/4.
On the daily chart, the market opened lower on Friday and retraced below the resistance at $11.05-3/4 thereafter.
A consolidation around this level or a fall toward $10.89-3/4 seems possible.
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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