TECHNICALS-CBOT soybeans neutral in $10.47-$10.59 range
SINGAPORE, May 21 (Reuters) - The CBOT soybean July contract SN25 looks neutral in a range of $10.47 to $10.59 per bushel, and an escape could suggest a direction.
The consolidation in the range may turn out to be a double-bottom, if the market breaks $10.59, or a bearish flag, once the contract breaks $10.47.
A break above $10.59 will be confirmed when the market rises to $10.61. A break below $10.53-3/4 would trigger a fall into $10.36-1/2 to $10.47 range.
On the daily chart, the contract is recovering from the May 19 low of $10.45-3/4. How strong the recovery is still remains unknown.
Given that the market has climbed resistance at $10.55, it has a better chance of gaining further to $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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