TECHNICALS-CBOT soybeans neutral in $10.11-1/4 to $10.22 range

SINGAPORE, March 19 (Reuters) - The CBOT soybean May contract SK25 looks neutral in a range of $10.11-1/4 to $10.22 per bushel, and an escape could suggest a direction.

A break above $10.22 would confirm the continuation of a wave C from $9.94, toward $10.39-3/4, while a break below $10.11-1/4 could confirm a small double-top around $10.22, which suggests a target around $10.

The bias might be towards the downside, as the contract is hovering around $10.11-1/4. On the daily chart, the market remains sideways in a range of $10.07-1/2 to $10.23-3/4.

The bias instead looks towards the upside, as the contract has drifted away from a falling channel. A duplicated channel suggests a target of $10.40.

The key to the following direction will depend on which side of the range is broken.

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.