SINGAPORE: The CBOT soybean May contract may stabilize above a support at $8.98-3/4, and then retest a resistance at $9.11 per bushel.
The support and the resistance are identified as the 23.6 percent and the 50 percent retracements on the downtrend from $9.34-1/2 to $8.87-3/4.
The current correction is classified as a pullback towards a falling trendline. It may end around $8.98-3/4. After which, the uptrend is expected to resume.
On the daily chart, the correction looks like another pullback towards the support at $9.03, the 50 percent retracement on the uptrend from $8.53 to $9.53. This pullback seems to be ending.
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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
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