Copyright tradingview
The CBOT soybean January contract (SF26) may rise into a range of $11.35-3/4 to $11.51-3/4 per bushel as suggested by a projection analysis.Thomson Reuterssf The contract has climbed above a key barrier at $11.10, the 100% projection level of wave C from $10.18-1/2. Chances are this wave could extend into the range of $11.51-3/4 to $11.77-3/4. Support is at $11.17-1/2, a break below which could trigger a fall into $11.02-1/4 to $11.10 range. On the hourly chart, a projection analysis on the uptrend from $10.18-3/4 reveals more fine-tuned resistance and support. The analysis uncovers a target zone of $11.35-3/4 to $11.44, which overlaps the target zone on the daily chart. * 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.
