CBOT soybeans may bounce towards $9.73-1/4 to $9.77-1/2 range
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SINGAPORE, Aug 19 (Reuters) -The CBOT soybean November contract SX24 may bounce towards a range of $9.73-1/4 to $9.77-1/2 per bushel, driven by a wave c.
The contract stabilized around support at $9.55-1/4 again. The following rise suggests an extension of the bounce from the Aug. 14 low of $9.55-1/4.
After clearing the resistance at $9.66-1/2, market is likely to test the next resistance zone of $9.73-1/4 to $9.77-1/2. It is not very clear how the contract gets out of the neutral range of $9.55-1/4 to $9.77-1/2.
A bottom pattern will be confirmed once the contract breaks $9.77-1/2 while a bearish continuation pattern will become valid if the market breaks $9.55-1/4.
On the daily chart, the sideways move around $9.52-1/2 is believed to be preparing for a further drop, as a wave c is yet to extend to its target of $9.21-3/4.
** 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.
Reporting by Wang Tao; Editing by Mrigank Dhaniwala
If you have a query or comment on this story, send an email to wang.tao@tr.com.
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