TECHNICALS-CBOT soybeans may test support at $10.22

SINGAPORE, Feb 13 (Reuters) - The CBOT soybean March contract SH25 may test support at $10.22 per bushel, driven by a wave c.

A projection analysis reveals target of this wave at $10.20-1/2, the 100% projection level. A retracement analysis on the uptrend from $9.86 marks the similar target of $10.22, the 61.8% level.

The uptrend from $9.47 has reversed, as a rising trendline has been violated. Immediate resistance is at $10.33, a break above which could open the way toward $10.44-1/4.

On the daily chart, the contract has briefly pierced below support at $10.29-1/4. It may overcome this barrier soon and fall towards $10.13-3/4, as wave pattern indicates a target around $9.85-3/4, the bottom of the wave b.

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.