TECHNICALS-CBOT soybeans may test resistance at $10.12
SINGAPORE, July 14 (Reuters) - The CBOT soybean November contract SX25 may test resistance at $10.12 per bushel, a break above which could lead to a gain to $10.20-3/4.
The contract stabilised around key support of $9.97-1/2, the 100% projection level of a wave C from $10.58-1/2. This wave may either complete around this barrier or extend into a much lower range of $9.60 to $9.74-1/4.
The bullish divergence on the hourly RSI suggests an exhaustion of this wave. It presents a golden chance for a decent bounce.
On the daily chart, a piercing pattern formed between July 9 and July 10. Although it failed to work, it sent an early signal that the downtrend would reverse soon. The stabilisation of the market around $9.98-1/4 further suggests a trend reversal.
* 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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