TECHNICALS-CBOT soybeans may test resistance of $10.22
SINGAPORE, June 27 (Reuters) - The CBOT soybean November contract SX25 may test resistance of $10.22 per bushel, a break above which could lead to a gain to $10.27-1/4.
A wave 5 from $10.49-3/4 might be ending around support of $10.13-1/4. The hourly MACD forms bullish divergence, signalling a dissipation of the bearish momentum.
A bounce is due. A break below $10.13-1/4 could trigger a drop into $10.04-3/4 to $10.08 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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