TECHNICALS-CBOT soybeans may retrace into $10.57-3/4 to $10.62-1/4 range

SINGAPORE, June 16 (Reuters) - The CBOT soybean July contract SN25 may retrace into a range of $10.57-3/4 to $10.62-1/4 per bushel, as it faces strong resistance at $10.77.

A long-shadowed shooting star formed on June 16, following the failure of the market to break $10.77. The candlestick pattern indicates a completion of the wave C, or the first part of this wave.

A further correction is highly likely. A break above $10.69-3/4 could lead to a gain into the $10.74-1/4 to $10.77 range.

On the daily chart, the sharp rise from the June 13 low of $10.40-3/4 failed to maintain its momentum. As a result, it may be classified as either a part of the correction from $10.82 or a continuation of the uptrend.

A rise above $10.82 would confirm the continuation scenario.

* 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.​