TECHNICALS-CBOT soybeans may revisit May 1 low of $10.36-3/4

SINGAPORE, May 6 (Reuters) - The CBOT soybean July contract SN25 may revisit its May 1 low of $10.36-3/4 per bushel, as a correction from $10.67-1/4 looks incomplete.

The correction consists of three waves. So far only two have unfolded. The wave c is expected to travel to $10.36-3/4 or far below it.

A retracement analysis on the uptrend from $9.85-1/2 reveals a target of this wave around $10.26-1/4, the 50% level. Resistance is at $10.48, a break above which could lead to a gain into $10.55-1/2 to $10.61-1/2 range.

On the daily chart, a wave C might have completed around its 61.8% projection level of $10.71-1/2. The circled part of the chart suggests the formation of a small head-and-shoulders.

Confirmation of the pattern will be when the market breaks $10.38-1/2. It will then indicate a target of $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.