TECHNICALS-CBOT soybeans may climb into $10.10-1/4 to $10.15 range

SINGAPORE, March 13 (Reuters) - The CBOT soybean May contract SK25 may climb into a range of $10.10-1/4 to $10.15 per bushel, following its stabilization around support at $9.96-3/4.

The support is near the bottom of a wave b, which explains why the bounce was triggered. The strength of the bounce remains unknown.

A stronger one would extend to $10.22-1/2, the peak of a wave b, while a weak one may end around $10.10-1/4. A break below $9.96-3/4 could open the way towards $9.78 to $9.90-3/4 range.

On the daily chart, the downtrend remains steady within a falling channel, which suggests a target of $9.54-3/4. A retracement analysis reveals resistance at $10.07-1/2, which works as a limit to the current pullback.

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.