CBOT soybeans may fall into $9.86-1/4 to $9.90-1/4 range
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SINGAPORE, Nov 18 (Reuters) -The CBOT soybean January contract SF25 may fall into a range of $9.86-1/4 to $9.90-1/4 per bushel, as it has broken support at $9.96-1/2.
A weak bounce triggered by the support at $9.86-1/4 seems to have ended around resistance of $10.05-1/2. The contract may retest this barrier.
It is not very clear if the market could break $9.86-1/4 and fall further as the current part of the chart may turn out to be roughly symmetrical to the pattern between Oct. 29 and Nov. 6.
A close above $9.66-1/2 on Monday would increase the chance of a bounce towards $10.05-1/2. On the daily chart, signals seem neutral and will become clearer when the contract gets out of the range of $9.83-1/2 to $10.10-3/4.
* 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 Sonia Cheema
If you have a query or comment on this story, send an email to wang.tao@tr.com.
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