TECHNICALS-CBOT soybeans to test support at $10.02-3/4

SINGAPORE, March 14 (Reuters) - The CBOT soybean May contract SK25 is expected to test support at $10.02-3/4 per bushel, a break below which could open the way towards the $9.90-3/4 to $9.96-3/4 range.

A bounce triggered by the support at $9.96-3/4 seems to have ended around $10.18-3/4, near the top of a wave b. The fall from $10.18 is classified as a continuation of the downtrend from $10.74.

Only when the market breaks resistance at $10.15, could this bearish outlook be revised. A break would lead to a gain into the $10.18 to $10.24-1/4 range.

On the daily chart, the downtrend remains steady within a falling channel, which suggests a target of $9.54-3/4. An escape from the channel will be confirmed when the market breaks resistance at $10.23-3/4.

Such a break will not only open the way towards the $10.40 to $10.60-1/4 range, but also suggests the reversal of the downtrend from $10.92-3/4.

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.