SINGAPORE: The CBOT soybean May contract may fall further into a range of $9.05-1/4 to $9.19-3/4 per bushel, driven by a wave C.
This is the third wave of a presumed three-wave cycle from $9.45. It is capable of travelling into a range of $8.96-1/2 to $9.11, formed by its 100 percent and the 61.8 percent projection levels.
The current bounce may end around a resistance at $9.19-3/4. A decent bounce may not occur until the contract falls to $9.11.
On the daily chart, the contract pierced below a rising trendline again. It may break this line on Wednesday. A break above $9.23-1/4 may lead to a gain to $9.30-1/4.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C 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.