TECHNICALS-CBOT soybeans may retest support at $10.41 after weak bounce

SINGAPORE, Feb 26 (Reuters) - The CBOT soybean May contract SK25 may bounce a bit further to $10.54-1/2 per bushel, before retesting support at $10.41.

The bounce is classified as a pullback towards a wedge. The downtrend remains steady, which is riding on a wave C that could travel to $10.15-1/2.

The pullback is supposed to extend to $10.54-1/2. But a weaker pullback may end around $10.47 as well. A break below $10.41 could signal the continuation of the downtrend towards the $10.15-1/2 to $10.27-1/2 range.

On the daily chart, the contract seems to be temporarily hovering above the support at $10.40. It has completed a pullback towards a rising trendline, and is expected to drop into the $10.07-1/2 to $10.23-3/4 range.

The bottom of the wave b at $9.96-3/4 serves as a target as well.

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.