TECHNICALS-CBOT soybeans may fall into $10.16-3/4 to $10.26-1/4 range

SINGAPORE, May 8 (Reuters) - The CBOT soybean July contract SN25 may break support at $10.36 per bushel, and fall into $10.16-3/4 to $10.26-1/4 range.

The contract is making its third attempt to overcome this barrier. It is highly likely to succeed. A retracement analysis on the uptrend from $9.85-1/2 reveals a target of either $10.26-1/4 or $10.16-3/4.

A bounce from the current level may be limited to resistance at $10.48. On the daily chart, the contract is stuck in a narrow range of $10.38-1/2 to $10.55.

Given that the market retraced to $10.38-1/2 after failing to break $10.55, it is likely to fall through this range.

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.

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