TECHNICALS-CBOT soybeans may edge up into $10.41-3/4 to $10.43-3/4 range
SINGAPORE, Aug 21 (Reuters) - The CBOT soybean November contract SX25 may edge up into a range of $10.41-3/4 to $10.43-3/4 per bushel, as a consolidation within a wedge has extended.
The contract managed to stabilize around the lower trendline of the pattern. The stabilization suggests either an extended consolidation or a continuation of the uptrend.
Support is at $10.32-3/4, a break below which could trigger a fall into the $10.24 to $10.29-1/2 range. On the daily chart, the consolidation in a much bigger wedge seems to be roughly controlled by the 0.864 Fibonacci ratio.
When the ratio is applied to the downtrend from $10.73-1/4, a target of $10.60-3/4 is worked out.
* 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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