TECHNICALS-CBOT soybeans still targets February 3 low of $10.31-3/4

Adds daily chart

SINGAPORE, Feb 11 (Reuters) - The CBOT soybean March contract SH25 still targets its February 3 low of $10.31-3/4 per bushel, as it has broken a rising trendline.

The break suggests a reversal of the uptrend from $9.47. A retracement analysis on the trend reveals a wide target zone of $9.98-1/2 to $10.29-3/4, formed by the 61.8% and the 38.2% levels.

The contract tried to climb above the trendline on February 10 but failed. A pullback towards the trendline is thus considered complete.

The contract is expected to resume its fall towards $10.31-3/4. A break above $10.50-3/4 could lead to a gain to $10.62-1/2.

On the daily chart, a round top could have been developing around resistance at $10.79-1/4. The bearish divergence on the daily RSI suggests a further drop from the current level.

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.