TECHNICALS-CBOT soybeans may climb to $10.61-1/2

SINGAPORE, May 7 (Reuters) - The CBOT soybean July contract SN25 may climb to $10.61-1/2 per bushel, as suggested by a retracement analysis.

The contract has more or less broken resistance at $10.55-1/2. A retracement analysis on the uptrend from $9.85-3/4 reveals the next resistance at $10.61-1/2.

The nature of the current rise remains unknown, which might be an extended consolidation in the range of $10.36 to $10.61-1/2 or a continuation of the uptrend.

A break above $10.61-1/2 could confirm the extension of the uptrend. Support is at $10.48, a break below which could open the way toward $10.36.

On the daily chart, the contract is retesting resistance at $10.55, a break above which could trigger a gain to $10.71-1/2.

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.