TECHNICALS-CBOT soybeans may test resistance at $10.51-1/2
SINGAPORE, June 24 (Reuters) - The CBOT soybean November contract SX25 may test resistance at $10.51-1/2 per bushel, a break above could lead to a gain at $10.60.
The contract has managed to stabilize around support of $10.37-3/4, the 61.8% retracement of the uptrend from $10.15-1/2, which serves as a pivotal barrier to stop the fall.
The strong reaction of the market to this barrier suggests a completion of the fall or the first round. A break below $10.44-3/4 could trigger a drop to $10.37-3/4.
* 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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