TECHNICALS-CBOT soybeans may retest support at $11.44
SINGAPORE, March 18 (Reuters) - The CBOT soybean May contract SK26 may retest a support at $11.44 per bushel, a break below could open the way toward the $11.35 to $11.38-3/4 range.
The market is riding on a wave (3), which consists of five small waves. The small wave 5 is driving the downtrend toward the range of $11.35 to $11.38-3/4.
A break above $11.52-3/4 may lead to a gain into the $11.58 to $11.61-1/4 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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