TECHNICALS-CBOT soybeans to revisit Thursday low of $11.45-3/4
SINGAPORE, Feb 27 (Reuters) - The CBOT soybean May contract SK26 is expected to revisit its Thursday low of $11.45-3/4 per bushel, as a five-wave cycle from the January 13 low of $10.51-1/4 might have completed around a resistance at $11.71-1/2.
The fifth wave of the cycle seems to have adopted a rare expanding diagonal pattern, which has a 3-3-3-3-3 structure, with the final wave v having thrown over the trendline.
Generally, such a pattern would be followed by a sharp, dramatic reversal. The drop to the previous session's low of $11.45-3/4 is considered a sign of the reversal.
A break above $11.71-1/2 may lead to a gain to $11.78-1/2. On the daily chart, a doji formed on Thursday around a key resistance at $11.67-1/2.
This pattern symbolizes an exhaustion of the rally. It confirms the completion of the five-wave cycle on the hourly chart.
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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