TECHNICALS-CBOT soybeans may retest support at $10.30-3/4
SINGAPORE, Aug 20 (Reuters) - The CBOT soybean November contract SX25 may retest support at $10.30-3/4 per bushel, a break below which could be followed by a drop to $10.25-1/2.
A wave c from $10.47-3/4 looks incomplete. It is supposed to travel to $10.25-1/2, the 100% projection level. The current bounce triggered by the support might be weak, likely to end below $10.39-1/4.
An extension of the bounce above this level may suggest the continuation of the uptrend. However, a confirmed continuation will be when the market breaks $10.47-3/4.
On the daily chart, the consolidation seems to be roughly controlled by a series of retracements on the downtrend from $10.73-1/4 to $9.80-3/4.
Given that the contract has slid below support at $10.38, it may edge down toward $10.27.
* 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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