TECHNICALS-CBOT s oybeans may retest support at $10.38-3/4

SINGAPORE, June 13 (Reuters) - The CBOT soybean July contract SN25 may retest the support level at $10.38-3/4 per bushel, a break below which could open the way towards $10.33.

The contract seems to be riding on a wave C from $10.63-3/4. A projection analysis reveals a series of levels that provide strong resistance or support.

The bounce triggered by the support level $10.38-3/4 could be ending around the resistance level of $10.52. The wave C may resume. A break above $10.52 would lead to a gain into $10.56-1/2 to $10.63-3/4 range.

On the daily chart, a bigger wave C is unfolding toward $10.07-3/4, its 61.8% projection level. The bounce on June 13 is classified as a pullback toward $10.53-1/2.

* 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.​