TECHNICALS-CBOT soybeans may retest support at $10.26

SINGAPORE, Feb 20 (Reuters) - The CBOT soybean March contract SH25 may retest support at $10.26 per bushel, a break below could open the way towards the $10.12-3/4 to $10.19-1/4 range.

The bounce from the Feb. 13 low of $10.24 looks like being shaped into a wedge, which is assumed to be a bearish continuation pattern, to be confirmed when the market breaks $10.26.

A break above $10.47-3/4 could trigger a gain into the $10.61 to $10.80-1/4 range. On the daily chart, the contract remains sideways in the narrow range of $10.29-1/4 to $10.48-3/4.

A break below $10.29-1/4 could confirm the continuation of the downtrend toward the $9.98 to $10.13-3/4 range.

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.