CbOT soybeans may extend gains into $12.56-1/4 to $12.61-1/2 range
SOYB•Technical analysis points to higher soybean targets
For more technical analysis, click TECH/C
SINGAPORE, July 24 (Reuters) - The CBOT soybean November contract SX26 may extend gains into a range of $12.56-1/4 to $12.61-1/2 per bushel, as suggested by a projection analysis.
The contract has climbed above the 338.2% projection level of an uptrend from $11.25. It is highly likely to extend gains into the target range.
A pennant indicates the target of $12.56-1/4 as well. A break below $12.47-3/4, now a support, may trigger a shallow fall into the $12.39 to $12.42-1/4 range.
On the daily chart, a separate projection analysis reveals a target of $12.63-1/4, the 61.8% projection level of an uptrend from $11.21-3/4.
Eventually, the contract may rise to $13.50-3/4, as it is riding on a powerful wave C.
