TECHNICALS-CBOT soybeans may edge up into $11.87-3/4 to $11.94-1/4 range

SINGAPORE, March 6 (Reuters) - The CBOT soybean May contract SK26 may edge up into a range of $11.87-3/4 to $11.94-1/4 per bushel, as it has pierced above a resistance at $11.83.

A wedge has been more or less confirmed as a bullish continuation pattern, suggesting a target around $12. A projection analysis on the uptrend from $10.51-3/4 reveals a lower target range.

Support is at $11.76-1/4, a break below which could trigger a fall into the $11.65 to $11.70-1/2 range. On the daily chart, the contract has climbed far above a key resistance at $11.67-1/2. It may test the next resistance at $11.95, a break above which could lead to a gain into the $12.14 to $12.39-3/4.

Despite the fact that the uptrend might have been too linear to sustain, it may keep extending, as there has been no convincing reversal pattern yet.

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. ​