TECHNICALS-CBOT soybeans may revisit May 1 low of $10.36-3/4

SINGAPORE, May 5 (Reuters) - The CBOT soybean July contract SN25 may revisit its May 1 low of $10.36-3/4 per bushel, driven by a wave c.

The rise from this low might have been classified as a wave b, the second wave of a correction from $10.67-1/4. This wave is expected to be partially or totally reversed by the current wave c.

Resistance is at $10.55-1/2, a break above which could lead to a gain into $10.61-1/2 to $10.67-1/4 range. On the daily chart, the bigger picture from the December 2024 low of $9.66 suggests a completion of a wave C around its 61.8% projection level of $10.71-1/2.

The market is expected to at least experience a further correction, if this wave turns out be to be incomplete.

Wang Tao is a Reuters market analyst for commodities and energy technicals. Views expressed are his own.

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