TECHNICALS-CBOT soybeans to rise toward $10.42-$10.44 range
SINGAPORE, July 18 (Reuters) - The CBOT soybean November contract SX25 may break resistance at $10.35-1/4 per bushel and rise toward $10.42-$10.44 range.
A wave c from $10 has travelled far above its 161.8% projection level of $10.26. Chances are it may extend to the 261.8% level of $10.42.
Another projection analysis on the fall from $10.58-1/2 reveals a slightly higher target of $10.44. Support is at $10.32, a break below which could trigger a fall to $10.28.
On the daily chart, the contract has broken resistance at $10.28-1/2. The break opened the way toward $10.42 to $10.58-3/4 range.
The nature of the current rise remains unknown as it might be a part of the consolidation towards the upper trendline of a wedge, or a simple bounce against the fall from $10.74-1/4.
* 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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