CBOT soybeans may bounce towards $10.20-1/4
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SINGAPORE, Nov 14 (Reuters) -The CBOT soybean January contract SF25 may bounce towards $10.20-1/4 per bushel as it found support at $10.05-1/2.
With an unexpected swing, market quickly recovered from the Nov. 13 low of $10.01-3/4. Due to this reversal, the support at $10.05-1/2 is considered intact. It may increase the chance of a further bounce.
Strategically, the target of $10.20-1/4 will be confirmed when market climbs above $10.15, as the anticipated further bounce may turn out to be a sideways move in the range of $10.05-1/2 to $10.13.
A break below $10.05-1/2 could open the way towards $9.90-1/4 to $9.96-1/2 range. On the daily chart, market temporarily stabilized.
It is still too early to tell if market would retest the falling trendline and the resistance at $10.27-3/4.
* 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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