TECHNICALS-CBOT soybeans may test support at $10.37-1/4
SINGAPORE, Sept 18 (Reuters) - The CBOT soybean November contract SX25 may test support at $10.37-1/4 per bushel, a break below could open the way toward $10.31.
A rising wedge has been confirmed as a top pattern, suggesting the completion of a bounce from $10.21-1/4. The drop on Sept. 17 is considered as a continuation of the downtrend from $10.62-3/4.
The trend may eventually extend below $10.21-1/4, as the wave (c) is expected to be as strong as the wave (a).
On the daily chart, the market broke support at $10.43-1/2 after failing to break resistance at $10.50-3/4, which is the last barrier toward $10.62-3/4.
The break opened the way 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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