TECHNICALS-CBOT July soybeans poised to rise towards $11.97-1/4 to $12.01-1/4

ReutersApr 29, 2026 6:34 AM

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SINGAPORE, April 29 (Reuters) - The CBOT July soybeans SN26 is poised to break a resistance at $11.94-1/4 per bushel and rise towards the $11.97-1/4 to $12.01-1/4 range.

The correction triggered by the resistance has been almost reversed. The reversal signals a continuation of the uptrend towards $12.04, which is pointed by the upper trendline of a rising wedge.

Support is at $11.89-3/4, a break below which could cause a fall into the $11.82-3/4 to $11.86-1/4 range. On the daily chart, the market is climbing within a small rising channel, which suggests a target of $12.06-3/4.

A break above $12.06-3/4 could lead to a gain to $12.23-1/2.

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.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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