TECHNICALS-CBOT soybeans may fall toward $10.13 to $10.16-1/2 range
SINGAPORE, Sept 11 (Reuters) - The CBOT soybean November contract SX25 may break support at $10.22 per bushel and fall toward $10.13 to $10.16-1/2 range.
A wedge has been confirmed as a bearish continuation pattern, suggesting a target of $10.13. It formed a more bearish pennant with the preceding fall from $10.54-3/4, which indicates a lower target of $10.07.
Resistance is at $10.31-1/4, a break above which may lead to a gain into $10.34-1/2 to $10.36-3/4 range.
On the daily chart, the contract is falling towards the lower trendline of the wedge, which followed the 0.864 ratio in its formation.
A retracement analysis on the uptrend from $9.81-1/4 reveals a target of $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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