TECHNICALS-CBOT soybeans may test support of $10.45-1/2
SINGAPORE, May 29 (Reuters) - The CBOT soybean July contract SN25 may test support of $10.45-1/2 per bushel, a break below which could open the way toward $10.37.
A wave C from $10.73-1/4 has briefly travelled below its 61.8% projection level of $10.50-3/4. Chances are it may extend to the 100% level of $10.37.
The current fall is classified as a correction against the uptrend from $9.85. A retracement analysis reveals target zone of $10.22 to $10.33-1/2, slightly lower than $10.37.
A break above $10.55 may lead to a gain into $10.59-1/4 to $10.64-1/2 range. On the daily chart, the contract slid below support at $10.55.
The next support will be around $10.38-1/2, a break below which could open the way toward $10.18-1/4.
* 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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