TECHNICALS-CBOT soybeans may retrace into $10.22 to $10.25-1/2 range
SINGAPORE, Sept 12 (Reuters) - The CBOT soybean November contract SX25 may retrace into $10.22 to $10.25-1/2 per bushel range, as it failed to break resistance at $10.36-3/4.
The failure suggests the development of a Double Three pattern, which consists of two flats. The current wave b is capable of travelling to the bottom of the presumed wave x around $10.22.
A break above $10.36-3/4 may lead to a gain into $10.40-1/4 to $10.43 range.
On the daily chart, the contract is falling towards the lower trendline of a wedge around $9.92.
The formation of this pattern followed the 0.864 ratio. The current sideways move is considered a bounce triggered by the support at $10.22.
* 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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