TECHNICALS-CBOT soybeans may fall toward $10.22
SINGAPORE, June 3 (Reuters) - The CBOT soybean July contract SN25 may break support of $10.33-1/2 per bushel and fall toward $10.22.
A brief bounce triggered by the support has been quickly reversed. The reversal signals a continuation of the wave C toward a range of $10.14-1/2 to $10.23, formed by its 161.8% and 138.2% projection levels.
A break above $10.41-3/4 would lead to a gain to $10.50-3/4. 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.
A realistic target is $10.18-1/4, which could be fulfilled very soon, as the market has broken support at $10.38-1/2.
* 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.
tech
sn
Related Articles
H-1B Policy Shock: Challenges for the Tech Industry and U.S. Stock Market Investments
TradingKey - The H-1B visa allows foreign professionals to work legally in the United States, primarily targeting talent in science, technology, engineering, and mathematics (STEM) fields.
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.
Memory Giant Micron Delivers Stellar Q4 FY2025 with Explosive DRAM and HBM Growth
TradingKey - Micron Technology, Inc. (NASDAQ: MU) delivered a stellar Q4 FY2025 earnings report, exceeding expectations on revenue, earnings, and margins. The company reported total revenue of $11.32 billion, up 46% YoY and 22% sequentially, surpassing the consensus forecast of $11.1 billion.
Bitcoin Price Forecast: Trends and Investment Outlook from 2025 to 2030
From $0.01 in 2009 to $120,000+ in 2025, Bitcoin has evolved from obscurity to a globally recognized financial asset. While institutions and governments increasingly embrace it, investors must remain vigilant against volatility, security risks, and scams.
[IN-DEPTH ANALYSIS] MercadoLibre: The Rise of Latin America's Digital Empire, Balancing Opportunities and Challenges
TradingKey - MercadoLibre is the leading e-commerce and fintech company in Latin America, deeply rooted in 19 countries and covering a young market of 670 million people. It leads the industry with its first-mover advantage and localized operation..jpg)
