TECHNICALS-CBOT soybeans neutral in $10.21-1/4 to $10.28-1/2 range
SINGAPORE, July 25 (Reuters) - The CBOT soybean November contract SX25 looks neutral in a range of $10.21-1/4 to $10.28-1/2 per bushel, and an escape could suggest a direction.
A break above $10.28-1/2 may lead to a gain into the $10.35-1/2 to $10.44-1/4 range. However, the wave pattern suggests a downside bias, as the fall from $10.74-1/4 may have adopted a double-zigzag mode.
The pattern consists of seven waves. The current wave A could travel to $9.98-1/4. On the hourly chart, a falling channel suggests a drop as well.
The contract has been hovering below the upper channel line, unable to climb above it. Within the channel, a wedge is contracting to a point, which looks like a bearish pattern.
* 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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