TECHNICALS-CBOT soybeans may test resistance of $10.63-1/4

SINGAPORE, June 10 (Reuters) - The CBOT soybean July contract SN25 may test resistance of $10.63-1/4 per bushel, a break above which could lead to a gain into $10.65-1/2 to $10.68-1/2 range.

The contract has broken lower resistance of $10.60-3/4, the 100% projection level of wave c from $10.40. The break suggests an extension of this wave toward $10.68-1/2 to $10.73-1/2 range.

A retracement analysis on the downtrend from $10.82-1/4 reveals resistance at $10.63-1/4, the 61.8% level, which can't be ignored, as both the resistance at the 38.2% level and the 50% levels triggered decent corrections.

Another correction may be caused by resistance at $10.63-1/4, which could be classified as a pullback toward a falling trendline.

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.​