TECHNICALS-CBOT soybeans may retest resistance at $10.21
SINGAPORE, Oct 17 (Reuters) - The CBOT soybean November contract SX25 may retest resistance at $10.21 per bushel, a break above which could lead to a gain to $10.27.
The bounce from $10.01 looks like an extension of the uptrend from $9.93-3/4. Driven by a wave c, the trend may develop into the range of $10.27 to $10.31-3/4 again.
Support is at $10.08-1/4, a break below which could trigger fall into $10.01-1/2 to $10.05 range.
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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