TECHNICALS-CBOT soybeans to fall toward $10.16-1/4

SINGAPORE, April 22 (Reuters) - The CBOT soybean May contract SK25 is expected to break support at $10.31 per bushel and fall toward $10.16-1/4.

The consolidation in the range of $10.31 to $10.45-1/2 may develop into a top pattern, rather than a continuation pattern, as the resistance at $10.45-1/2 is identified as the 61.8% retracement of the downtrend from $10.93 to $9.69.

Only a break above $10.45-1/2 could confirm the extension of the uptrend towards $10.63-3/4. On the daily chart, a wave c from $9.70 has lost its momentum in the resistance zone of $10.38-1/2 to $10.54-1/2.

A pullback towards a falling trendline has occurred, which might extend into the range of $10.02-1/4 to $10.22-1/4.

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.