TECHNICALS-CBOT soybeans may edge up into $11.47-1/2 to $11.54-1/2 range
SINGAPORE, Feb 20 (Reuters) - The CBOT soybean March contract SH26 may edge up into a range of $11.47-1/2 to $11.54-1/2 per bushel, as it is about to break the resistance at $11.41.
The current rise seems to be observing a series of projection levels on the uptrend from $10.51-1/2. After failing a few times to break the resistance, the market managed to pierce above it again.
A small wedge is developing, the upper trendline of which indicates a target of $11.47-1/2. A break below $11.36 could trigger a fall to $11.29.
Such a fall would be deep enough to confirm the wedge as a top pattern. A bearish target zone of $11.17-3/4 to $11.23-1/2 will be established accordingly.
On the daily chart chart, the market faces a resistance at $11.41-3/4. Given that signals on the hourly suggest a further gain, the market may overcome this barrier and rise toward $11.55-1/2.
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.
sh
tech
Related Articles
Why the Yen Falls Further the More It Is Rescued: The Answer Lies in Japan’s Own Structural Contradictions
TradingKey - Entering early 2026, the attention of global investors is once again locked on the Japanese Yen (JPY). Despite the Bank of Japan (BoJ) gradually raising policy rates to a range of 0.5% - 0.75%, marking a definitive end to the era of negative interest rates, the yen continues to trend lower against the U.S. dollar.
What Is the Best Nuclear Energy Investment in 2026? Which Should You Buy in, OKLO or Nuclear Energy ETFs?
TradingKey - Demand for electricity is surging, and data centers designed for artificial intelligence are a big reason. Governments are also demanding cleaner, dependable power. This coupling has brought about a revival in nuclear power, with capacity expected to increase in the coming decades. To i
Stock Market Crash 2026: What Fed Signals and Economic Data Mean for Investors
TradingKey - The possibility of a stock market crash occurring in 2026 is becoming increasingly likely as investor sentiment continues to decline.
New Fed Chair Warsh Takes Office: Major Shift in Monetary Policy? US Dollar Short-Term Rebound, 2026 Investment Strategy Analysis
TradingKey - At the start of 2026, global financial markets witnessed a major leadership change as U.S. President Trump officially nominated Kevin Warsh as the next Federal Reserve Chair. Pending Senate confirmation, he will succeed Jerome Powell this May to lead the world’s most influential central bank.
