TECHNICALS-CBOT soybeans may retest resistance at $10.15-1/2

SINGAPORE, March 5 (Reuters) - The CBOT soybean May contract SK25 may retest resistance at $10.15-1/2 per bushel, as it managed to stabilize around support at $9.95-3/4.

A projection analysis reveals two key support levels. One is the 138.2% level of $9.95-3/4, while the other the 161.8% level of $9.83-3/4.

The golden cross on the hourly MACD suggests that the current bounce may last one or two days. It might be the same degree as the one between February 25 and February 28.

A break below $9.95-3/4 could trigger a drop limited to $9.83-3/4. On the daily chart, the bottom of wave b at $9.96-3/4 provides strong support, which may trigger a bounce as strong as the one from $10.41-1/4.

A falling channel suggests a target zone of $10.23-3/4 to $10.40.

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.