TECHNICALS-CBOT soybeans may fall toward $9.87-1/4

SINGAPORE, March 11 (Reuters) - The CBOT soybean May contract SK25 may break support at $10.07-1/2 per bushel and fall toward $9.87-1/4, as it seems to have resumed its downtrend within a channel.

An evening star formed between March 6 and March 10, confirming the completion of the bounce from $9.91. Unless the contract could stay above $10.23-3/4, the downtrend will be deemed intact within the channel, which suggests a target of $9.54-3/4.

A break above $10.23-3/4 would signal the extension of the uptrend from $9.54-3/4. On the hourly chart, the contract is expected to drop toward $9.91, where it started a bounce.

A bearish flat from $10.74 has been confirmed, indicating a very low target around $9.50. Immediate resistance is at $10.15-1/4, a break above which could trigger a gain into $10.22-3/4 to $10.29-1/2 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.