TECHNICALS-CBOT soybeans may fall toward $10.52-1/2
SINGAPORE, June 23 (Reuters) - The CBOT soybean November contract SX25 may break support at $10.59 per bushel and fall toward $10.52-1/2.
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. The current correction consists of three waves.
The wave c is driving the market toward the target. Resistance is at $10.65-3/4, a break above which could lead to a gain into $10.68-1/4 to $10.71 range.
* 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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