TECHNICALS-CBOT soybeans may rise into $11.47-1/2 to $11.58-3/4 range
SINGAPORE, Feb 13 (Reuters) - The CBOT soybean March contract SH26 may break resistance at $11.41 per bushel and rise into the $11.47-1/2 to $11.58-3/4 range.
The contract is riding on a wave c from $10.51-1/2, which has travelled far above its 161.8% projection level of $11.29. Chances are this wave may extend to $11.65-3/4.
A break below $11.29 will not only trigger a drop into the $11.17-3/4 to $11.23-1/2, but also suggest the formation of a top around $11.41.
On the daily chart, the market faces a resistance at $11.41-3/4, the 76.4% retracement of the downtrend from the Nov. 8, 2025 high of $11.74 to $10.37-3/4.
A drop toward $11.21-3/4 will be highly likely if the contract failed to break this barrier on Friday.
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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