TECHNICALS-CBOT soybeans may stabilize around $10.22 and rise

SINGAPORE, July 1 (Reuters) - The CBOT soybean November contract SX25 may stabilize around the support of $10.22 per bushel, and rise toward $10.31-3/4 to $10.36 range.

The bounce from $10.13-1/4 adopted a five-wave mode, which suggests the development of a zigzag. Three bigger waves make up the pattern. The third wave labelled C could have started, unfolding toward $10.36.

A break below $10.18-3/4 would indicate either an extension of the wave B, or the continuation of the downtrend from $10.74-1/4.

On the daily chart, as long as the contract remains above the support of $10.15, it is likely to bounce into the range of $10.28-1/2 to $10.42.

A break below $10.15 could be followed by a deep fall toward $9.88 to $9.98-1/4 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.​