TECHNICALS-CBOT soybeans neutral in $10.05 to $10.16-3/4 range
SINGAPORE, Sept 26 (Reuters) - The CBOT soybean November contract SX25 looks neutral in a range of $10.05 to $10.16-3/4 per bushel, and an escape could suggest a direction.
A break below $10.50 could confirm a continuation of the downtrend towards $9.95-1/4, while a break above $10.16-3/4 may lead to a gain into the $10.21 to $10.27 range.
The bias might be towards the downside, as a wave (c) has travelled below its 100% projection level of $10.11-1/4. It has a better chance of extending into the $9.85-1/2 to $9.95-1/4 range.
On the daily chart, a doji and an inverted hammer formed on September 23 and September 24, respectively. However, these reversal patterns may fail, as the market remained below the resistance at $10.12-1/2.
Only a close of the price above this level could make them valid.
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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