TECHNICALS-CBOT soybeans may retest resistance at $10.49-1/2
SINGAPORE, Aug 19 (Reuters) - The CBOT soybean November contract SX25 may retest resistance at $10.49-1/2 per bushel, a break above which could lead to a gain into $10.54-1/2 to $10.58 range.
The contract has recovered from a fall to the low of $10.26-3/4. The recovery could be due to the continuation of the uptrend.
There is no convincing sign that the market would break $10.49-1/2 at its current attempt. A failure would indicate the formation of a double-top.
Immediate support is at $10.41-1/2, a break below which could trigger a fall into a wide range of $10.28-1/4 to $10.36-1/4.
On the daily chart, the contract is consolidating within a big wedge. Five waves make up the pattern. The current wave (E) is expected to travel to $10.60-3/4, as it follows the 0.864 Fibonacci ratio.
* 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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