CBOT soybeans neutral in $9.84-1/4 to $9.91 range
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SINGAPORE, Nov 26 (Reuters) -The CBOT soybean January contract SF25 remains 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 $9.63-1/2 to $9.69-1/4 range.
The bias seems towards the downside, as the bounce from the Nov. 22 low of $9.75-1/4 could be classified as a pullback towards the neckline of a head-and-shoulders.
On the daily chart, the market remains sideways around support at $9.83-1/2. Even though a wedge looks like a bearish continuation pattern, a target of $9.39-1/2 will not be established until market breaks $9.83-1/2.
The break will be confirmed when the contract falls to $9.74.
* 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 Varun H K
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