TECHNICALS-CBOT soybeans may climb into $10.76-1/2 to $10.80-1/2 range

SINGAPORE, April 25 (Reuters) - The CBOT soybean July contract SN25 may climb into a range of $10.76-1/2 to $10.80-1/2 per bushel, as it has broken resistance at $10.59.

The break marks a major victory for bulls, as they are more likely to push the prices to $11.05. A realistic target is $10.76-1/2, which is suggested by a triangle as well.

A projection analysis on the uptrend from $9.97-1/4 marks a similar target of $10.80-1/2. A correction from the current level may be limited to $10.59, which has become strong support.

On the daily chart, the contract is riding on a wave C which is travelling towards its 61.8% projection level of $10.71-1/2. This wave could either end around this barrier or extend to $11.24-3/4.

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.