CBOT soybeans may fall to $9.81-3/4
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SINGAPORE, Nov 15 (Reuters) -The CBOT soybean January contract SF25 may fall to $9.81-3/4 per bushel, as suggested by its wave pattern.
The contract is yet to reach the bottom of a wave b at $9.81-3/4. Its stabilisation is due to the trendline support, which looks unlikely to hold, as the current drop might be a continuation of the downtrend from $10.78-3/4.
A small bounce has been triggered, which may end below $9.96-1/2. A further gain would suggest an extension of the uptrend from $9.79-1/2.
On the daily chart, the market is retesting support at $9.83-1/2. Following its two failures, it is likely to break this level and fall towards $9.39-1/2.
The pattern from the Aug. 14 low of $9.73-1/2 looks like more a bearish wedge than a triple-bottom.
* 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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