TECHNICALS-CBOT soybeans to rise into $10.04-3/4 to $10.12 range
SINGAPORE, Aug 8 (Reuters) - The CBOT soybean November contract SX25 is expected to rise into a range of $10.04-3/4 to $10.12 per bushel, due to the completion of a five-wave cycle from $10.43.
The peak of the wave 4 is close to $10.04-3/4, which serves as a target. The retracement analysis on the cycle suggests a higher target of $10.12, which is pointed by a falling channel as well.
Support is at $9.90, a break below which could trigger a fall towards $9.81.
On the daily chart, the contract managed to stabilize around the support of $9.84-1/2, the 76.4% projection level of a wave C from $10.42-1/2.
Strengthening the support is a similar barrier established by the lower trendline of a wedge. Together, these support levels are expected to trigger a decent bounce.
* 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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