TECHNICALS-CBOT soybeans may bounce further to $10.20-3/4 to $10.23-3/4 range
SINGAPORE, July 11 (Reuters) - The CBOT soybean November contract SX25 may bounce further to $10.20-3/4 to $10.23-3/4 range.
A wave C from $10.58-1/2 narrowly missed its ultimate target of $9.97-1/2, the 100% projection level. The strong bounce triggered by the 93% projection level of $10.01-3/4 suggests a premature completion of this wave.
The bullish divergence on the hourly MACD indicates a further bounce toward $10.23-3/4, the 38.2% retracement of the downtrend from $10.58-3/4.
On the daily chart, a piercing pattern formed between July 9 and July 10, which indicates a reversal of the downtrend from $10.58-1/2.
There might be a false break below the former support at $10.15.
* 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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