TECHNICALS-CBOT soybeans may retest support at $10.25-1/2
SINGAPORE, Sept 8 (Reuters) - The CBOT soybean November contract SX25 may retest support at $10.25-1/2 per bushel, a break below which could trigger a fall into $10.16-1/2 to $10.22 range.
A wave (c) from $10.54-3/4 is likely to extend to $10.16-1/2, its 161.8% projection level, as it has briefly travelled below the 138.2% level of $10.22.
Much of the bounce from the support has been reversed. The reversal suggests a continuation of the wave (c). Resistance is fixed at $10.34-1/2, a break above which may lead to a gain to $10.40-1/4.
On the daily chart, the contract is falling towards the lower trendline of a wedge, which has been following the ratio of 0.864 in its formation.
A retracement analysis reveals a target around $9.92-1/4.
* 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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