TECHNICALS-CBOT soybeans may retest resistance at $10.45-1/2

SINGAPORE, Feb 19 (Reuters) - The CBOT soybean March contract SH25 may retest resistance at $10.45-1/2 per bushel, a break above which could open the way towards the $10.52 to $10.58-3/4 range.

A correction from $10.80 could have completed, as suggested by the bounces over the past two trading days. Three small waves make up the correction. The third wave is roughly equal to the first wave.

The equality also suggests a completion of the drop. The current bounce seems to closely observe a series of retracements on the fall from $10.80.

A break below $10.28 would signal the extension of the fall towards $10.14. On the daily chart, the contract closed above the support at $10.29-1/4 on February 19.

Either the contract would consolidate further in the range of $10.29-1/4 to $10.48-3/4 for one or two days, or the uptrend from $9.47-1/4 tries to resume.

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.