TECHNICALS-CBOT soybeans may climb to $10.37-1/4
SINGAPORE, July 23 (Reuters) - The CBOT soybean November contract SX25 may climb to $10.37-1/4 per bushel, as it stabilized around support at $10.22.
The contract failed twice to break the support. The failures paved the way for a small double-bottom to form, which suggests a target of $10.37-1/4.
A break below $10.28 may trigger a fall to $10.22. On the daily chart, the moves are controlled by a series of retracements on the fall from $10.58-3/4 to $9.98-1/4.
A double-zigzag pattern remains the priority wave count, unless the contract breaks above $10.44-1/4. A break below $10.21-1/4 could trigger a fall to $10.12-1/2.
* 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.
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