CBOT soybeans may bounce again to $10.08-3/4
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SINGAPORE, Sept 12 (Reuters) -The CBOT soybean November contract SX24 may bounce again to $10.08-3/4 per bushel, as it managed to stabilise around strong support at $9.95.
The support is identified as the 61.8% retracement of the uptrend from $9.72-3/4 to $10.31, where the correction from $10.31 may end, or be disrupted by strong bounce.
Further to the stabilisation is a break below a falling trendline. The break signals a completion of the correction from $10.31.
A break below $9.95 could open the way to $9.86-1/2. On the daily chart, the bounce from $9.95 seems to be against the downtrend from $12.30-1/2, as revealed by a retracement analysis.
The support at $9.95 apparently stopped the drop. It may also trigger a rebound towards $10.20.
** 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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