CBOT soybeans neutral in $9.77-1/2 to $9.91 range
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SINGAPORE, Nov 27 (Reuters) -The CBOT soybean January contract SF25 looks neutral in a range of $9.77-1/2 to $9.91 per bushel and an escape could suggest a direction.
A break above $9.91 could open the way towards $9.99-1/2, while a break below $9.77-1/2 would confirm a continuation of the downtrend towards the $9.63-1/2 to $9.69-1/4 range.
The bias has shifted towards the upside, as the market approaches $9.91 again. A small double-bottom will be confirmed once the contract breaks $9.91.
On the daily chart, the market has been trying to hover above support at $9.83-1/2. The longer it stays above this level, the more likely it bounces towards $10.10-3/4, which is pointed by the upper trendline of the wedge.
A drop to $9.75 will confirm a break below $9.83-1/2. The 161.8% projection level of $9.39-1/2 will be established thereafter.
* 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 Sumana Nandy
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