TECHNICALS-CBOT soybeans may fall to $10.15-1/2

SINGAPORE, March 3 (Reuters) - The CBOT soybean May contract SK25 may fall to $10.15-1/2 per bushel, driven by a wave C.

This wave has travelled far below its 61.8% projection level of $10.35. It is highly likely to extend to the 100% projection level of $10.15-1/2.

A pennant developing from $10.66-3/4 suggests the same target. Resistance is at $10.35, a break above which could open the way toward the $10.41 to $10.47 range.

On the daily chart, a wave B ended at $9.96-3/4, which serves as a target, falling within the zone of $9.87-1/4 to $10.07-1/2, formed by the 76.4% and the 61.8% retracements of the uptrend from $9.54-3/4 to $10.92-3/4.

It is not very clear if the drop would pause around the support at $10.23-3/4, the 50% retracement. The big black candlestick on February 28 suggests an easy break below the support.

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.