TECHNICALS-CBOT soybeans may revisit Monday low of $11.45-1/4
SINGAPORE, March 17 (Reuters) - The CBOT soybean May contract SK26 may revisit its Monday low of $11.45-1/4 per bushel, as suggested by its wave pattern.
The market is riding on a wave 3, which consists of five small waves. The small wave iv drove the bounce from $11.45. This small wave will be reversed by a downward wave v.
A retracement analysis on the fall from $11.96-1/4 reveals a resistance at $11.64-1/2, which may serve as a limit to the wave iv. A break above this barrier could lead to a gain into the $11.70-1/2 to $11.76-1/2 range.
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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