TECHNICALS-CBOT soybeans may rise to $10.63-1/4

SINGAPORE, June 9 (Reuters) - The CBOT soybean July contract SN25 may break resistance of $10.60-3/4 per bushel, and rise to $10.63-1/4.

The resistance is identified as the 100% projection level of a wave c from $10.40. It is strengthened by the similar one established by a falling channel.

A retracement analysis on the downtrend from $10.82-1/4 reveals a break above the 50% level of $10.57-1/4. The break opened the way toward $10.63-1/4.

A rise to $10.63-1/4 would mean an extension of the wave c toward $10.68-1/2 to $10.73-1/2 range. Immediate support is at $10.55-3/4, a break below which could trigger a fall to $10.52-3/4.

On the daily chart, the contract has broken resistance at $10.54-3/4. The break opened the way toward $10.71-1/4.

* 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.​