TECHNICALS-CBOT July soybeans may retrace to $11.86-1/2 before rising
SINGAPORE, May 8 (Reuters) - The CBOT July soybeans SN26 may retrace moderately to $11.86-1/2 per bushel, before rising again.
A small head-and-shoulders could be developing. The right shoulder is expected to complete around $11.86-1/2, near the low of the left shoulder.
The pattern suggests a target around $12.06 and will be confirmed when the market climbs to $11.97.
On the daily chart, a projection analysis on a wave C marks a support of $11.81-1/2, around which a hammer formed on Thursday.
The reversal pattern is expected to be followed by a bounce on Friday and early next week. A break below $11.81-1/2 could open the way toward $11.57-1/4 to $11.70-1/2 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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