TECHNICALS-CBOT soybeans to retest resistance at $10.22 after shallow fall

SINGAPORE, March 17 (Reuters) - The CBOT soybean May contract SK25 is expected to retest resistance at $10.22 per bushel, probably after a shallow correction to $10.11-1/4.

The resistance is identified as the 61.8% projection level of a wave C from $9.94, which may either end around this level or extend to $10.39-1/2.

Regardless of the endpoint, this barrier could cause a correction to extend to $10.11-1/4. A break above $10.22 may lead to a gain into $10.28-3/4 to $10.33-1/4 range.

On the daily chart, the contract has climbed above a falling channel, which suggests a target of $9.54-3/4. A duplicated channel indicates a target around $10.50.

A break above $10.23-3/4 is required to confirm this target, as a failure would most likely be followed by a drop into the channel.

An escape from the channel will be confirmed when the market breaks resistance at $10.23-3/4.

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.