TECHNICALS-CBOT soybeans may retest support at $11.23-1/2
SINGAPORE, Feb 23 (Reuters) - The CBOT soybean March contract SH26 may retest a support at $11.23-1/2 per bushel, a break below which could open the way toward $11.10-3/4 to $11.17-3/4 range.
A rising wedge proved to be a top pattern. It suggests a reversal of the uptrend from $10.51-1/2. The current correction seems to be still observing a series of projection levels on the uptrend from $10.51-1/2.
Resistance is at $11.36, a break above which may lead to a gain into $11.41 to $11.47-1/2 range. On the daily chart, the market failed to break a resistance at $11.41-3/4.
The failure, along with the long-shadowed doji on February 20, confirms an exhaustion of the rally. A decent correction has occurred, which may extend toward $11.05-3/4, where the final part of the uptrend slowly developed.
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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