TECHNICALS-CBOT soybeans to retrace to $10.22
SINGAPORE, April 15 (Reuters) - The CBOT soybean May contract SK25 is likely to retrace to $10.22 per bushel, following its failure to break resistance at $10.54-1/4.
The resistance is identified as the 61.8% projection level of a wave C from $9.69-1/2. This wave may either end around the barrier or travel to $11.06-3/4.
Regardless of the endpoint, the market is experiencing a decent correction, which has extended below support at $10.38-1/4.
An extension of the wave C toward $11.06-3/4 could only be confirmed when it travels above $10.54-1/4. On the daily chart, a retracement analysis on the fall from $10.93 reveals similar resistance at $10.45-3/4, the 61.8% level.
The doji on April 14 has been confirmed as a reversal pattern by the drop on April 15. The contract is expected to test support at $10.31-1/4.
* 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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