TECHNICALS-CBOT soybeans to fall toward $10.54-1/4 to $10.59-3/4 range

SINGAPORE, May 15 (Reuters) - The CBOT soybean July contract SN25 is expected to fall towards the $10.54-1/4 to $10.59-3/4 range, as it has broken support at $10.65 per bushel.

The current fall is assumed to be against the short uptrend from $10.36-3/4. Five small waves make up the trend. The wave 4 ended around $10.54-1/4, which serves as a target.

A retracement analysis on the trend reveals a target zone of $10.54-1/4 to $10.59-3/4 as well. Resistance is at $10.71-3/4, a break above, which could lead to a gain into the $10.79-1/4 to $10.82-1/2 range.

On the daily chart, there was a false break above key resistance at $10.71-1/2, suggesting either a dissipation of the bullish momentum or a completion of a wave C from $9.85-1/4.

In either case, the market may retrace to $10.55.

* 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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