TECHNICALS-CBOT soybeans may retest support at $10.44

SINGAPORE, June 12 (Reuters) - The CBOT soybean July contract SN25 may retest support at $10.44 per bushel, a break below which could open the way toward the $10.35-3/4 to $10.39-1/2 range.

The deep fall on June 11 confirmed a reversal of the uptrend from $10.32-1/2. Three waves make up the trend. The bottom of the wave b around $10.39 serves as a target.

A bounce has been triggered by the support of $10.44. It may be limited to resistance of $10.51-1/4. A break below $10.39-1/2 could signal the extension of the downtrend from $10.82.

A break above $10.51-1/4 may lead to a gain to $10.57-1/4. On the daily chart, the drop from $10.82 is labelled a wave C, which is closely related to the preceding wave A, as revealed by a projection analysis.

This wave has travelled below $10.53-1/2. It may extend to $10.36-1/4.

* 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.​