CBOT soybeans may rise into $10.16-3/4 to $10.21 range
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The CBOT soybean November contract (SX25) may rise into a range of $10.16-3/4 to $10.21 per bushel, as it managed to stabilise around support at $10.05.
After a three-wave bounce, the contract climbed above resistance at $10.11-1/4 and seems to be heading towards $10.16-3/4 to $10.21 range.
A short trendline points at a higher target of $10.27. Only a break below $10.05 could the continuation of the downtrend be confirmed.
On the daily chart, after sliding below the key support at $10.12-1/2, a doji and an inverted hammer formed on September 23 and September 24 respectively.
There might be a false break below this level, which increases the chance of a bounce toward $10.22.
* 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.
