TECHNICALS-CBOT soybeans may drop to $10.36

SINGAPORE, April 30 (Reuters) - The CBOT soybean July contract SN25 may drop to $10.36 per bushel, as it has more or less broken support at $10.48.

An uptrend from $9.85-1/2 is assumed to have reversed at $10.67-1/4. A retracement analysis on the trend reveals a series of targets.

The nearest one is $10.36. Resistance is at $10.55-1/2, a break above could open the way toward $10.67-1/4. On the daily chart, the contract failed to break key resistance at $10.71-1/2.

The failure marked the completion of a wave C, or the first round of this wave, if it extends unexpectedly. The contract is expected to test support at $10.38-1/2, a break below could open the way toward $10.18-1/4.

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.