TECHNICALS-CBOT soybeans may test support at $10.37-1/4
SINGAPORE, Sept 15 (Reuters) - The CBOT soybean November contract SX25 may test support at $10.37-1/4 per bushel, a break below which could trigger a fall into $10.27-1/2 to $10.31.
The contract failed to break key resistance at $10.47, the 61.8% retracement of the downtrend from $10.62-3/4 to $10.21-1/4.
The failure suggests a completion of the bounce from $10.21-1/4, which could be well broken down into three waves, a structure that suggests a bounce rather than a continuation of the uptrend.
A break above $10.47 may lead to a gain into $10.53 to $10.62-3/4 range. On the daily chart, the fall from $10.62-3/4 looks incomplete. It is expected to extend to the lower trendline of a wedge around $9.92.
This bearish view has to be revised once the market breaks $10.50-3/4.
* 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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