SINGAPORE: The CBOT soybean May contract is biased to fall to $9.07-1/2 per bushel, as it has pierced below a rising trendline a few times.
For a chart: https://bit.ly/2StNqrX
A break below this line would confirm a reversal of the uptrend from Sept. 18, 2018 low of $8.54-3/4. After repeated tests on this line, the contract could be poised to break it.
However, should the contract refuse to fall to $9.07-1/2 but keep hovering around $9.16, it may have a chance of rising to $9.30-1/4.
Resistance is at $9.23-1/4, the 50 percent retracement of the downtrend from $9.53 to $8.93-1/2, a break above which could lead to a gain into the range of $9.30-1/4 to $9.38-3/4.
* 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. **
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