TECHNICALS-CBOT soybeans may fall into $10.31-3/4 to $10.37 range
SINGAPORE, May 30 (Reuters) - The CBOT soybean July contract SN25 may break support of $10.41-3/4 per bushel, and fall into $10.31-3/4 to $10.37 range.
A wave C from $10.73-1/4 has briefly travelled below its 86.4% projection level of $10.41-3/4. Chances are it may extend to the 100% level of $10.37.
Most of the bounce triggered by the support has been reversed. The reversal suggests a continuation of the wave C. Immediate resistance is at $10.45-1/2, a break above which could lead to a gain into $10.50-3/4 to $10.55 range.
On the daily chart, the pattern from the December 2024 low of $9.66 looks like a wedge. Three waves make up the pattern. The wave C and the wave A are closely related, as revealed by a projection analysis.
The lower trendline of the wedge points at a target of $10.05-1/2.
* 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.
sn
tech
Related Articles
Carnival’s Q3 2025 Earnings Preview: Can Strong Demand and Celebration Key Drive Valuation Higher?
TradingKey - Fueled by robust consumer demand for cruise travel, Carnival has hit all-time highs in several key metrics, including revenue, yield, and customer deposits. Its stock has performed strongly in 2025, with a year-to-date gain exceeding 20% and a nearly 70% increase over the past 12 months
TikTok US Deal: Business before Politics
TradingKey - Just like how Facebook took over the world by storm in the late 2000s, TikTok took over the world in the early 2020s. The catalyst for TikTok’s rise was the COVID-19 pandemic, which kept people at home with little to do
U.S. August PCE Preview: Four-Run PCE Bounce Challenges the Fed’s Three-Cut Plan
TradingKey - The U.S. Bureau of Economic Analysis (BEA) will release the August Personal Consumption Expenditures (PCE) Price Index on Friday, September 26, with markets closely watching how much tariff pass-through effects have influenced inflation.
Fed Officials Cool Hopes for Rate Cuts.Will Gold Price Rally Toward the $4,000 Threshold?
TradingKey - Since the Federal Reserve announced a 25-basis-point rate cut last week, market sentiment on future easing has turned divergent, with several Fed officials recently tempering expectations for additional cuts.
U.S. August PCE: Inflation Remains the Market's Greatest Risk
Our baseline forecast anticipates sustained asset price increases. However, if inflation surpasses market expectations in the coming months, it could hinder further rate cuts and pose the greatest risk to financial markets.
