CBOT soybeans could extend gains to $10.44-1/2
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The CBOT soybean May contract (SK25) could extend gains to $10.44-1/2 per bushel, driven by a wave c.
The sharp surge on April 1 confirmed the fierce character of this wave. A projection analysis reveals that this wave has briefly pierced above the 61.8% level of $10.31-1/2. Chances are it may extend to $10.44-1/2.
Support is at $10.27-1/2, a break below which could be followed by a fall into $10.18-1/2 to $10.23-1/2 range.
* 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.
