TECHNICALS-CBOT soybeans to retest support at $10.41-3/4
SINGAPORE, April 24 (Reuters) - The CBOT soybean July contract SN25 may retest support at $10.41-3/4 per bushel, as it faces strong resistance at $10.59.
The resistance is identified as the 61.8% retracement of the downtrend from $11.05. The uptrend from $9.84-3/4 may either reverse around this barrier or extend into the range of $10.76-1/2 to $11.05.
The consolidation below the resistance is considered a sign of a top formation, rather than the development of bullish pennant.
A break above $10.59, however, would alter the trending signal from bearish to bullish. On the daily chart, the contract faces another resistance at $10.55, only a break above which could confirm the extension of the uptrend toward $10.71-1/2.
* 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.
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