TECHNICALS-CBOT July soybeans may revisit recent high of $12.29-1/4
SINGAPORE, May 11 (Reuters) - The CBOT July soybeans SN26 may revisit recent high of $12.29-1/4 per bushel, as suggested by a retracement analysis.
The contract has climbed far above the 61.8% retracement of $12.09-1/2. Chances are it may extend gains to $12.29-1/4. The market is riding on a wave C, which is expected to travel into a wide range of $12.25-1/4 to $12.51-3/4, formed by its 61.8% and the 100% projection levels.
Support is at $12.09-1/2, a break below may trigger a fall into the $11.99-1/4 to $12.04-1/4 range. On the daily chart, the contract is rising toward $12.24, as it has broken $12.07-1/4.
A break above $12.24 may lead to a gain into a range of $12.38 to $12.51.
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.
cn
tech
Recommended Articles
Comments (0)
Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.