TECHNICALS-CBOT soybeans may test support at $9.95-3/4
SINGAPORE, Aug 12 (Reuters) - The CBOT soybean November contract SX25 may test support at $9.95-3/4 per bushel, a break below which could open the way towards $9.85-1/2 to $9.90 range.
The contract failed twice to break resistance at $10.12. The failures, along with the following drop, signals a completion of the bounce from $9.81.
Three waves make up the bounce. The bottom of the wave b around $9.85-1/2 serves as a target. A break above $10.04-3/4 may lead to a gain into $10.12 to $10.19-1/4 range.
On the daily chart, the strong bounce around the lower trendline of a wedge suggests a further development of this pattern.
It might be too aggressive to target the upper trendline resistance around $10.73, the peak of the wave B at $10.42-1/2 looks like a realistic target.
* 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
tech
Related Articles
[U.S. IPO] Black Rock Coffee Bar Raises $294M in US IPO, Shattering Restaurant Sector's IPO Lull
TradingKey - U.S. coffee chain Black Rock Coffee Bar completed its initial public offering (IPO) on Thursday, becoming the first restaurant company to enter the U.S. market since Cava Group's listing in 2023.-6507598d1aaa47a897fa7c4e5c180b40.jpg)
What Is Worldcoin? Why Did WLD Surge Suddenly, and What’s Next?
Worldcoin is evolving from a “hype token” into a foundational layer for global identity. Its fusion of biometrics, blockchain, and financial inclusion has earned growing recognition from users and institutions. If it can overcome technical hurdles, launch real-world payment use cases, and stabilize
U.S. August CPI Preview: Persistent Rise in Inflation, What Impact on Rate Cuts? And on US Stocks?
TradingKey - On 11 September 2025, the U.S. will publish August CPI data. Consensus forecasts indicate a 0.3% month-over-month increase for both headline CPI and core CPI. As a result, headline CPI year-over-year may climb to 2.9%, up from 2.7%
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.
Unlocking Gold’s Next Leg: $4,000 in Reach by 2025？
TradingKey - Gold has kicked off a fresh uptrend in early September, breaking out of months of compression and reclaiming key territory. The decisive move above $3,500 establishes a new support base and puts higher objectives back on the table for the weeks ahead
