TECHNICALS-CBOT soybeans may retest support at $10.12-1/4
SINGAPORE, July 28 (Reuters) - The CBOT soybean November contract SX25 may retest support at $10.12-1/4 per bushel, a break below could open the way toward $10.06-3/4.
The fall from $10.74-1/4 could have adopted a double-zigzag mode, which consists of seven waves. The current wave A could travel to $9.80-1/2, as pointed by a falling channel.
Within the channel, a wedge has been confirmed as a bearish pattern, suggesting a target around $9.98. Resistance is at $10.21, a break above could lead to a gain at $10.26-1/2.
On the daily chart, the lower trendline of a rising wedge points at a target of $9.90. Given that the wedge appeared after a downtrend, it is likely to become a bearish continuation pattern.
Based on this reading, the bearish target could be as low as $9.05.
* 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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