TECHNICALS-CBOT soybeans may fall into $10.22-$10.33 range

SINGAPORE, Feb 12 (Reuters) - The CBOT soybean March contract SH25 may fall into a range of $10.22 to $10.33 per bushel, as it has broken support at $10.44-1/4.

A rising trendline was broken. The break suggests a reversal of the uptrend from $9.47. A retracement analysis on the trend reveals a target zone of $10.22 to $10.33, formed by the 61.8% and the 50% levels.

The fall from $10.80-1/4 consists of three waves. The break below $10.44-1/4 confirmed a wave c, which is capable of travelling to $10.22.

Only a break above $10.58 could indicate the continuation of the uptrend. On the daily chart, a round top could have been developing.

The contract is testing support at $10.41-1/2. The bearish divergence on the daily RSI suggests a likely break. A target zone of $10.05-1/2 to $10.23-1/2 will be established once the support is broken.

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.