TECHNICALS-CBOT soybeans may climb into a range of $10.80-1/2 to $10.96-3/4 range

SINGAPORE, Jan 22 (Reuters) - The CBOT soybean March contract SH25 may climb into a range of $10.80-1/2 to $10.96-3/4 per bushel, driven by a powerful wave C.

The strong rise from the Jan. 17 low of $10.19 confirms an extension of the uptrend from Dec. 19, 2024, low of $9.47. The trend is riding on a wave C which observes a series of projection levels on the uptrend from $9.85-1/4.

The market has climbed far above the 100% projection level of $10.54. It is likely to extend gains into the range of $10.88-1/2 to $10.96-3/4 range.

Support is at $10.54, a break below which could trigger a drop into the $10.37-3/4 to $10.44-3/4 range. On the daily chart, the market has pierced above resistance at $10.64. It is expected to climb to $10.79-1/4.

The surge over the past two days confirms a continuation of the uptrend within the channel, which indicates a target of $11.00-1/4.

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)

((wang.tao@tr.com; +65 6973 8364/9188 4196))