TECHNICALS-CBOT soybeans neutral in $10.54-1/4 to $10.65 range

SINGAPORE, April 29 (Reuters) - The CBOT soybean July contract SN25 looks neutral in a range of $10.54-1/4 to $10.65 per bushel, and an escape could suggest a direction.

The range is formed by the 23.6% and the 38.2% projection levels of a presumed wave c from $10.36-3/4. A break above $10.65 could confirm the extension of the wave c toward $10.73-1/2 to $10.82-1/4 range.

A break below $10.54-1/4 would suggest the completion of the wave c. A bearish target of $10.36-3/4 will be established accordingly.

Signals on the daily chart also look mixed, as the contract has broken resistance at $10.55, but seems to have lost its momentum to test the next resistance at $10.71-1/2.

Considering the significance of this barrier at $10.71-1/2, the contract is biased to fall.

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.