TECHNICALS-CBOT soybeans may retrace into $10.59-$10.62 range
SINGAPORE, June 20 (Reuters) - The CBOT soybean November contract SX25 may retrace into a range of $10.59 to $10.62 per bushel, as it failed to break resistance at $10.71-3/4.
The failure confirmed an exhaustion of the rally. Further confirmation is given by the bearish divergence on the hourly RSI.
Five small waves make up the uptrend from $10.21-1/2. The bottom of the wave 4 near $10.52-1/2 serves as a target. A break above $10.71-3/4 could lead to a gain into $10.75-1/4 to $10.81-1/4.
On the daily chart, a projection analysis on a wave C from $9.71-1/4 reveals resistance of $10.70-1/4, which is working with the barrier at $10.71-3/4 on the hourly chart to stop the rise.
A correction toward $10.58-3/4 seems more likely than a break above $10.70-1/4.
* 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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