TECHNICALS-CBOT soybeans may retest support at $10.50

SINGAPORE, May 22 (Reuters) - The CBOT soybean July contract SN25 may retest support at $10.50 per bushel, a break below could open the way toward the $10.41 to $10.46 range.

The drop from $10.67-1/4 is presumed to be a continuation of the downtrend from $10.81-1/2. Driven by a wave c, the trend could extend beyond $10.46.

A resumption of the uptrend will not be confirmed until the market rises above $10.67-1/4. On the daily chart, signals are a bit mixed, as the fall from $10.82 created a neutral zone, with the low at $10.45-3/4.

The bias could be toward the downside, as compared with the sharp fall from $10.82, the rise from $10.45-3/4 looks much weaker.

* 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.

​