CBOT soybeans may extend gains into $12.47-3/4 to $12.56-1/4 range
SOYB•Technical outlook for CBOT November soybeans
SINGAPORE, July 23 (Reuters) - The CBOT soybean November contract SX26 may extend gains into a range of $12.47-3/4 to $12.56-1/4 per bushel, as suggested by a projection analysis.
The contract has climbed above the 314.6% projection level of an uptrend from $11.25. It is highly likely to extend gains into the $12.47-3/4 to $12.56-1/4 range.
A pennant indicates the target of $12.56-1/4 as well. Support is at $12.33-3/4, a break below which may trigger a shallow fall to $12.25-1/4.
On the daily chart, a separate calculation reveals a target of $12.63-1/4, the 61.8% projection level of an uptrend from $11.21-3/4.
The wave pattern suggests the progress of a powerful wave C, which is capable of travelling to $13.50-3/4.
