TECHNICALS-CBOT soybeans may test resistance at $10.44-3/4
SINGAPORE, June 25 (Reuters) - The CBOT soybean November contract SX25 may test resistance at $10.44-3/4 per bushel, a break above could lead to a rise to $10.51-1/2.
A retracement analysis on the uptrend from $10.15-1/2 to $10.74 reveals strong support at $10.37-3/4, the 61.8% level. A five-wave cycle from $10.74 happened to end around this barrier, creating a golden chance for a decent bounce.
A break below $10.37-3/4 would trigger a drop to $10.29-1/4.
* 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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