TECHNICALS-CBOT soybeans may fall toward $10.28-1/4
SINGAPORE, Aug 18 (Reuters) - The CBOT soybean November contract SX25 may break support at $10.36-1/2 per bushel and fall towards the next support at $10.28-1/4.
The correction from $10.49-1/2 could consist of three waves. The current wave c is expected to travel to the bottom of the wave a around $10.28.
Resistance is at $10.41-1/2, a break above which could may lead to a gain into the $10.49-1/2. On the daily chart, the contract is consolidating within a big wedge.
The pattern follows the 0.864 Fibonacci ratio in its formation. A calculation on the downtrend from $10.73-1/4 suggests a target of $10.60-3/4, which is yet to be fulfilled.
The calculation suggests a continuation of the uptrend when the shallow correction ends.
* 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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