TECHNICALS-CBOT soybeans may bounce into $10.24-$10.28 range
SINGAPORE, July 9 (Reuters) - The CBOT soybean November contract SX25 may bounce into a range of $10.24 to $10.28 per bushel, as it is stabilizing around the June 26 low of $10.13-1/4 and the July 1 low of $10.14.
Strong support has established around these two levels, working together with the one at $10.12, the 76.4% projection level of a wave C from $10.58-3/4, to stop the fall.
The bullish divergence on the hourly RSI suggests a forthcoming decent bounce. A break below $10.12 would confirm the continuation of the downtrend towards $9.97-1/2.
On the daily chart, the fall on July 7 is classified as a continuation of the downtrend from $10.74-1/4. A projection analysis on a wave C reveals support at $10.15, which may help trigger a bounce as well.
Eventually, the market may break this support and fall towards the $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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