TECHNICALS-CBOT soybeans neutral in $10.47-3/4 to $10.59-3/4 range

SINGAPORE, May 19 (Reuters) - The CBOT soybean July contract SN25 looks neutral in a range of $10.47-3/4 to $10.59-3/4 per bushel and an escape could suggest a direction.

A break above $10.59-3/4 could open the way toward $10.65 to $10.71-3/4 range. However, the bias looks toward the downside, as the consolidation in the range might be classified as a pullback towards a rising trendline.

A break below $10.47-3/4 would trigger a drop to $10.36-3/4. Readings on the daily chart suggest a downside bias as well. A wave C from $9.85-1/4 has completed, which had failed to travel far above its 61.8% projection level of $10.71-1/2.

The pattern from $9.66 looks like a bearish wedge, which formed after a downtrend. The lower trendline points at a target of $10.05-1/2.

* 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.

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