CBOT soybeans biased to retest support at $10.01-1/2
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The CBOT soybean November contract (SX25) is biased to retest support at $10.01-1/2 per bushel, a break below could trigger a fall into the $9.90-1/2 to $9.95-1/4 range.
Even though the contract managed to hover above the support, the downtrend from $10.29 will be considered intact, unless the market breaks resistance at $10.11-1/4.
The trend is riding on a wave (e), which may travel to $9.85-1/2. A break above $10.11-1/4 could lead to a gain into the $10.16-3/4 to $10.21 range.
* 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.
