CBOT soybeans may retrace towards $9.80
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SINGAPORE, Dec 4 (Reuters) -CBOT soybean January contract SF25 may retrace towards $9.80 per bushel, following its second failure to break resistance at $9.99-1/2.
The current consolidation seems to be developing within a short channel, which indicates a fall towards $9.80. The wave pattern suggests the completion of a five-wave cycle.
The completion increases the chance of a fall towards the bottom of the wave d around $9.77. A break above $9.91 could open the way towards $9.99-1/2.
On the daily chart, signals are mixed, as the market remains sideways around support at $9.83-1/2. A drop to $9.75 will confirm a break below $9.83-1/2. A target of $9.39-1/2 will be established accordingly.
* 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.
Reporting by Wang Tao; Editing by Eileen Soreng
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