SINGAPORE: The CBOT soybean July contract may test a support at $8.46-1/2 per bushel, a break below which could cause a loss to $8.35-1/4.
The support is provided by the 61.8pc retracement of the uptrend from $8.17 to $8.94-1/2.
The trend consists of three waves.
The second wave labelled B ended at $8.17 which may be approached.
The contract is riding on a wave c, which is capable of travelling to $8.35-1/4, its 100pc projection level.
However, this wave may be interrupted by the support at $8.46-1/2, which could trigger a pullback towards a rising trendline.
Resistance is at $8.55-3/4, a break above which could lead to a gain to $8.64-3/4.
On the daily chart, the contract is a support at $8.48-1/4, the 61.8pc projection level of a downward wave C from $9.64-1/4.
A break could open the way towards $8.21.
Charts are not available in reports received in email box through "Alert".
To get charts, use the news code of to retrieve the original reports.
Wang Tao is a Reuters market analyst for commodities and energy technicals.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Comments
Comments are closed for this article.