TECHNICALS-CBOT soybeans may extend gains into $11.29 to $11.36 range
SINGAPORE, Feb 11 (Reuters) - The CBOT soybean March contract SH26 may extend gains into a range of $11.29 to $11.36 per bushel, as an uptrend from $10.51-1/2 seems to have resumed.
The resumption was suggested by the stabilization of the market around $11.06-1/2 and the subsequent strong rise. Immediate support is at $11.17-3/4, a break below could trigger a fall into the $11.06-1/2 to $11.10-3/4 range.
On the daily chart, the bulls ignored a shooting star on February 6. They kept testing the key resistance at $11.21-3/4, the 61.8% retracement of the downtrend from $11.74.
Perhaps the uptrend from $10.37-3/4 has not completed. Only a break below $11.05-3/4 could suggest a reversal of the uptrend.
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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