SINGAPORE: CBOT soybeans November contract may break a resistance at $10.47-1/4 per bushel and rise further to $10.91-1/2.
The resistance is provided by the 38.2 percent retracement on the fall from the May 22 high of $12.79 to the Oct. 1 low of $9.04. The fast rise from the Oct. 27 low of $9.67-3/4 has been driven by a very strong bullish momentum, which may push soybeans above this resistance.
The next resistance will be at $10.91-1/2, the 50 percent retracement. A correction from the current level may be limited to $10.37.
** 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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