TECHNICALS-CBOT soybeans may test support at $10.26-3/4
SINGAPORE, July 21 (Reuters) - The CBOT soybean November contract SX25 may test support at $10.26-3/4 per bushel, a break below which could trigger a fall into $10.20-3/4 to $10.21-3/4.
The contract failed to break a falling trendline. The failure, along with the following deep fall, suggests a resumption of the downtrend from $10.74-1/4.
A retracement analysis reveals a target zone of $10.16-3/4 to $10.21-3/4. In addition to the series of retracements, the fall has been observing a set of projection levels on the fall from $10.58-1/2.
A bounce from the current level may be capped at $10.33-1/4. On the daily chart, the pattern from $10.74-1/4 looks like a zigzag, which consists of seven waves.
The rise from $9.98-1/4 might have been driven by the wave X, which will be reversed by the following wave A.
* 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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