CBOT soybeans may fall further to $10.31-1/4
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SINGAPORE, July 16 (Reuters) -The CBOT soybeans November contract SX24 may fall further to $10.31-1/4 per bushel, as it has pierced below the support at $10.42-3/4.
If there is any support to stop the fall, it must be the one at $10.42-3/4. However, the market seems to be indifferent to this barrier, unable to start a decent bounce.
With the absence of a good bounce, it is reasonable to assume the downtrend remains intact and may extend to $10.31-1/4.
A rise above $10.47 would be the first sign of a stabilisation around the support. A target zone of $10.52-1/4 to $10.61-3/4 will be established.
On the daily chart, a projection analysis marks a target range of $10.14-1/4 to $10.30-1/4. The contract has broken support at $10.46. It may extend loss to $10.30-1/4.
** 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 Subhranshu Sahu
If you have a query or comment on this story, send an email to wang.tao@tr.com.
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