TECHNICALS-CBOT soybeans may retrace into $11.48-1/4 to $11.52-3/4 range
SINGAPORE, March 19 (Reuters) - The CBOT soybean May contract SK26 may retrace into a range of $11.48-1/4 to $11.52-3/4 per bushel, as suggested by the channel technique.
The contract has appeared to fail to climb above the channel. The failure increases the chance of a fall toward the lower channel line around $11.48-1/4.
A break above $11.66-3/4 may lead to a gain into the $11.71-3/4 to $11.75-1/4 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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