CBOT soybeans may retrace into $9.53 to $9.63-3/4 range
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The CBOT soybean March contract (SH25) may retrace into a range of $9.53 to $9.63-3/4 per bushel, following its failure to break resistance at $9.80-1/2.
The failure suggests the completion of a wave b, the second wave of a bigger wave C that is expected to travel to $9.36-1/4.
A break above $9.80-1/2 may not trigger a decent gain, as a falling trendline establishes resistance around $9.91-1/4, which may serve as a limit to the bounce.
* 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.