TECHNICALS-CBOT soybeans may retest resistance at $10.53
SINGAPORE, Sept 17 (Reuters) - The CBOT soybean November contract SX25 may retest resistance at $10.53 per bushel, as long as it hovers above support at $10.42.
A retracement analysis on the downtrend from $10.62-3/4 reveals that the contract made three attempts to stay above the 61.8% retracement of $10.47.
These attempts increase the chance of a gain toward $10.62-3/4. A break below $10.42 could confirm a rising wedge as a top pattern. A bearish target zone of $10.31 to $10.37-1/4 will be established thereafter.
On the daily chart, the market faces the last barrier toward $10.62-3/4, which is at $10.50-3/4, the 14.6% retracement.
A close below $10.43-1/2 on Sept. 17 would signal the failure to break the resistance at $10.50-3/4. The contract may retrace toward $10.31-3/4.
* 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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