TECHNICALS-CBOT soybeans may test support of $10.33-1/2
SINGAPORE, June 2 (Reuters) - The CBOT soybean July contract SN25 may test support of $10.33-1/2 per bushel, a break below which could open the way toward $10.22.
The current fall is classified as a correction on the uptrend from $9.85. A retracement analysis on the trend reveals a break below the support at $10.44-3/4, the 38.2% level.
The next key support is at $10.33-1/2. In addition to this set of retrecements, the market also observes a series of projection levels on the downtrend from $10.73-1/4.
The 86.4% projection level of $10.41-3/4 serves as an immediate barrier, a break above which could trigger a gain into $10.45-1/2 to $10.50-3/4 range.
On the daily chart, the pattern from the December 2024 low of $9.66 looks like a wedge, the lower trendline of which 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.
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