CBOT soybeans may fall into $9.86-1/2 to $9.95 range
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SINGAPORE, Sept 9 (Reuters) -The CBOT soybean November contract SX24 may fall into a range of $9.86-1/2 to $9.95 per bushel, as an uptrend from $9.60-1/4 has reversed.
The reversal was confirmed by the deep fall from $10.31, which has extended far below a rising trendline. A retracement analysis on the shorter uptrend from $9.72-3/4 reveals support at $10.01-3/4.
The market is experiencing a weak bounce towards the resistance at $10.08-3/4. The downtrend is expected to resume upon the completion of the bounce around $10.08-3/4.
On the daily chart, the contract has broken support at $10.10-3/4. The break opened the way towards $9.87-1/4. The following drop is temporarily classified as a pullback towards a falling trendline.
A break below $9.87-1/4 may signal the continuation of the downtrend towards $9.63-3/4.
** 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.
Reporting by Wang Tao; Editing by Eileen Soreng
If you have a query or comment on this story, send an email to wang.tao@tr.com.
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