TECHNICALS-CBOT soybeans may test support $10.36-1/2
SINGAPORE, June 5 (Reuters) - The CBOT soybean July contract SN25 may test support of $10.36-1/2 per bushel, a break below which could trigger a fall into $10.27-3/4 to $10.31-1/4 range.
The bounce triggered by the support at $10.31-1/4 could be well broken down into three waves, a structure signalling the completion of the bounce around the resistance at $10.50-1/2.
The bottom of the wave b around $10.36-1/2 serves as a target. A break above $10.50-1/2 could lead to a gain into $10.54-3/4 to $10.59-1/4 range.
On the daily chart, the bounce over the past two days is classified as a pullback towards $10.38-1/2, which has been overdone.
The bounce could have been driven by a wave d, the fourth wave of five-wave cycle from $10.82. This wave is expected to be reversed by the wave e.
* 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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