TECHNICALS-CBOT soybeans may fall into $10.31 to $10.37-1/4 range
SINGAPORE, Sept 16 (Reuters) - The CBOT soybean November contract SX25 may fall into a range of $10.31 to $10.37-1/4 per bushel, following its failure to break resistance at $10.53.
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 typically represents a bounce instead of a continuation of the uptrend.
A break above $10.53 may lead to a gain to $10.62-3/4. On the daily chart, a doji formed on Sept. 15, suggesting a completion of the bounce triggered by the support at $10.22, or the first round of the bounce if it proves to be a continuation of the uptrend.
The contract is more likely to fall toward $10.31-3/4 than to break $10.50-3/4 and rise toward $10.62-3/4.
* 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.
sx
tech
Related Articles
Effects of Interest Rate Cuts: Impact of Fed's September Meeting on Crypto Market
The Fed’s rate cut decision is a major bullish catalyst for crypto — but it comes with uncertainty. Investors should understand the economic rationale behind the move and adjust strategies accordingly. Staying flexible, informed, and disciplined is key to thriving in crypto’s fast-moving environment
[Reuters Analysis] Why South Korea cannot make the same US trade deal as Japan
South Korea trade talks with U.S. have stalled due to FX issuesCurrency market too small for $350 bln fund, unlike Japan's caseHopes grow that bilateral currency swap line may offer solution By Jihoon Lee and Yena Park SEOUL, Sept 15 (Reuters) - South Korea's negotiations with the U.S. on...
September Global Central Bank Divergence: How Will U.S. Stocks and Forex Markets Move?
TradingKey - Despite the divergence in monetary policies among major global central banks in September (with the Federal Reserve cutting rates while the European Central Bank, Bank of England, and Bank of Japan maintain steady rates), we expect the policy directions of the Fed, ECB, and BoE to...
U.S. September Rate Decision Preview: What It Means for Bitcoin and Could It Spark a New Rally?
Bitcoin’s rally stalls ahead of the Fed meeting — has the bullish momentum already been priced in?
Fed to Cut Rates: All Asset Prices Up!
TradingKey - The Federal Reserve is almost certain to restart its interest rate cut cycle on 17 September this year. After in-depth research, we have concluded that cryptocurrencies, the broader U.S. stock market, and short-term U.S. Treasury bonds will all go up.
