TECHNICALS-CBOT soybeans may rise to $10.20-3/4
SINGAPORE, July 16 (Reuters) - The CBOT soybean November contract SX25 may break resistance at $10.12 per bushel, and rise to $10.20-3/4.
The contract has stabilized around key support of $9.97-1/2, the 100% projection level of a wave C from $10.58-1/2. The stabilization indicates either the completion of the wave C or the development of a decent bounce.
Support is at $10.05-3/4, a break below which could trigger a fall into $9.97-1/2 to $10.01-3/4 range.
On the daily chart, the piercing pattern between July 9 and July 10, the long-shadowed spinning top on July 14 and the inverted hammer on July 15 work together to confirm a reversal of the downtrend.
The contract is expected to test resistance at $10.15, a break above which could open the way 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.
sx
tech
Related Articles
FedEx (FDX) Earnings Preview: Will FedEx Deliver Good Results the way they Deliver Parcels
TradingKey - FedEx Corporation is reporting first-quarter fiscal 2026 earnings this coming Thursday, after the market session. It has been a tough year for FedEx, and this is also reflected in the stock market.
[U.S. IPO] Oilfield Water Giant WaterBridge Raises $634M in IPO; Can It Repeat LandBridge's 125% Surge?
TradingKey - Oil field water management company WaterBridge (WBI) announced on September 16 that its US initial public offering (IPO) is expected to price 31.7 million shares at $20 per share, raising a total of $634 million.
[U.S. IPO] Buyers Frenzied Like Fans? StubHub IPO Sees 20x Oversubscription, Masking Profitability Challenges
TradingKey - After years of ownership changes and a withdrawn IPO plan, StubHub, the largest secondary ticket marketplace in the U.S., is set to go public on the New York Stock Exchange under the ticker STUB, with an expected valuation of $8.6 billion. Investors are watching whether this founder’s
[Reuters Analysis] Hedging surge reflects crowded trade - long Wall Street, short U.S. dollar: McGeever
By Jamie McGeeverORLANDO, Florida, Sept 16 (Reuters) - The rush to hedge U.S. equity exposure this year was initially seen as part of a broad 'de-dollarization' process, reflecting global investors' discomfort with President Donald Trump's trade, economic and foreign policy agendas. ...
Effects of Interest Rate Cuts: Impact of Fed's September Meeting on Crypto Market
The Fed’s rate cut decision is a major bullish catalyst for crypto — but it comes with uncertainty. Investors should understand the economic rationale behind the move and adjust strategies accordingly. Staying flexible, informed, and disciplined is key to thriving in crypto’s fast-moving environment
