TECHNICALS-CBOT soybeans may retest resistance at $10.27-1/4
SINGAPORE, July 2 (Reuters) - The CBOT soybean November contract SX25 may retest resistance at $10.27-1/4 per bushel, a break above which could lead to a gain into $10.31-1/2 to $10.35-3/4 range.
The bounce from the June 26 low of $10.13-1/4 looks incomplete. It may develop into a flat pattern, which consists of three waves that are roughly equal in length.
The current wave c may travel toward $10.35-3/4 again. Support is at $10.22, a break below which could be followed by a drop into $10.13-1/4 to $10.18-1/4 range.
On the daily chart, the contract managed to hover above the support of $10.15 again. A temporary bottom might be developing around this level.
The pattern indicates a further bounce toward $10.42. A break below $10.15 could be followed by a deep drop into $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.
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