TECHNICALS-CBOT soybeans may fall into $9.98 to $10.03-3/4 range
SINGAPORE, July 29 (Reuters) - The CBOT soybean November contract SX25 may fall into a range of $9.98 to $10.03-3/4 per bushel, driven by a wave c.
This wave has travelled below its 100% projection level of $10.12-1/4. It has a better chance of extending into the range of $9.98 to $10.03-1/2, formed by its 161.8% and 138.2% projection levels.
The wave c is part of a bigger wave A, which might be able to travel to $9.80-1/2. Resistance is at $10.12-1/4, a break above which could lead to a gain into $10.15-1/2 to $10.21 range.
On the daily chart, the contract is falling towards the lower trendline of a rising wedge, which points at a target of $9.90.
Given that the wedge formed after a downtrend, it is likely to become a bearish continuation pattern. Once confirmed, it will indicate an aggressive target of $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.
sx
sx
Related Articles
U.S. September Rate Decision Preview: What It Means for Bitcoin and Could It Spark a New Rally?
Bitcoin’s rally stalls ahead of the Fed meeting — has the bullish momentum already been priced in?
UK July GDP Commentary: Can GBP Break Through Its Current Fluctuation?
After considering multiple factors, given the evident weakness on both sides of this currency pair, we expect the GBP/USD exchange rate to maintain its current fluctuation trend in the short term.
[Reuters Analysis] Trump adopts messenger-in-chief role after Charlie Kirk's death
By Trevor Hunnicutt and Steve Holland WASHINGTON, Sept 14 (Reuters) - Since the U.S. conservative activist Charlie Kirk was shot in a brazen display of violence, President Donald Trump has embraced the role of spokesman in an extraordinary way.Trump was first to confirm the news to a country in s
Investing in Specialized Real Estate
TradingKey - Niche assets like data centers, logistics, healthcare, and cold storage thrive on structural drivers, not traditional property cycles Specialized real estate benefits from secular trends like digitalization, demographics, and supply chain innovation
Fed to Cut Rates: All Asset Prices Up!
TradingKey - The Federal Reserve is almost certain to restart its interest rate cut cycle on 17 September this year. After in-depth research, we have concluded that cryptocurrencies, the broader U.S. stock market, and short-term U.S. Treasury bonds will all go up.
