TECHNICALS-CBOT soybeans may test support at $10.28

SINGAPORE, July 8 (Reuters) - The CBOT soybean November contract SX25 may bounce into a range of $10.28 to $10.30-1/2 per bushel, following its stabilisation around support of $10.19-1/4.

Identified as the 86.4% retracement of the uptrend from $10.13-1/4, the support is working together with the one at $10.20-3/4, the 61.8% projection level of a wave C from $10.58-1/2, to stop the fall.

This wave may either complete around $10.20-3/4 or extend to a much lower level of $9.97-1/2. Regardless of the endpoint of this wave, the market is expected to experience a decent bounce.

A break below $10.19-1/4 could be followed by a fall to $10.13-1/4. On the daily chart, the fall on July 7 is classified as a continuation of the downtrend from $10.74-1/4.

The contract is expected to retest support at $10.15, after a weak bounce toward $10.28-1/2.

* 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.​