TECHNICALS-CBOT soybeans to rise to $11.79-3/4
SINGAPORE, Feb 26 (Reuters) - The CBOT soybean May contract SK26 may rise to $11.79-3/4 per bushel, as suggested by an expanding wedge and a projection analysis.
The wedge has been more or less confirmed as a bullish continuation pattern, suggesting a target zone of $11.79-3/4 to $11.91, which is also indicated by the projection analysis on the uptrend from $10.66-3/4.
Support is at $11.61-3/4; a break below could be followed by a drop to the $11.50-1/2 to $11.55-1/4 range. On the daily chart, the market is poised to revisit its Nov. 18, 2025, high of $11.77-3/4.
Wave pattern indicates the progress of a wave C, which has briefly travelled above its 61.8% projection level of $11.67-1/2. This wave may extend to $11.95.
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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