TECHNICALS-CBOT soybeans neutral in $9.84-1/2 to $9.95-1/2 range
SINGAPORE, Aug 11 (Reuters) - The CBOT soybean November contract SX25 looks neutral in a range of $9.84-1/2 to $9.95-1/2 per bushel, and an escape could suggest a direction.
A break above $9.95-1/2 could lead to a gain into the $10.04-1/2 to $10.13-1/2 range, while a break below $9.84-1/2 may be followed by a drop into the $9.66-1/2 to $9.76-3/4 range.
The bias might be toward the downside, as a wave C from $10.42-1/2 looks incomplete. It could travel to $9.66-1/2, the 100% projection level.
A wave C from $10.42-1/2 looks incomplete. It is expected to travel to $9.66-1/2. The current consolidation may be confined within a narrow range of $9.84-1/2 to $9.95-1/2.
On the hourly chart, a retracement analysis on the fall from $10.43 reveals resistance levels at $9.90 and $9.95-3/4. A break above $9.90 could lead to a gain into $9.90 to $9.95-3/4 range.
Such a gain would confirm a reversal of the downtrend from $10.43.
* 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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