TECHNICALS-CBOT soybeans may retest support at $11.36-1/4
SINGAPORE, Feb 24 (Reuters) - The CBOT soybean May contract SK26 would retest a support at $11.36-3/4 per bushel, a break below which could open the way toward the $11.24-1/4 to $11.31 range.
A rising wedge is taking shape. It is considered a top pattern, suggesting a reversal of the uptrend from $10.51-1/2. The current correction seems to be observing a series of projection levels on the uptrend from $10.51-1/2.
Immediate resistance is at $11.49-1/4, a break above which may lead to a gain into $11.54 to $11.60-1/2 range. On the daily chart, the market repeatedly failed to break a resistance at $11.41-3/4.
The failure was accompanied by a few dojis that are deemed reliable reversal pattern. The market is expected to retrace toward $11.29-1/4.
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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