SINGAPORE: The CBOT November soybean contract may test a resistance at $8.94-1/2 per bushel, a break above which could lead to a gain to $9.09-1/4.
The resistance is identified as the 76.4 percent projection level of an upward wave (c) from $8.37-1/4. After traveling above $8.85-1/4, this wave has a better chance of extending to $9.09-1/4.
The wave (c) has a fierce character, as confirmed by the sharp surge from $8.47. It is unlikely to be disrupted by any deep correction.
Support is at $8.85-1/4, a break below which could cause a loss limited to $8.78.
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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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