TECHNICALS-CBOT soybeans may retest support of $10.65-1/2

SINGAPORE, June 17 (Reuters) - The CBOT soybean July contract SN25 may retest support of $10.65-1/2 per bushel, a break below which could open the way toward $10.57-3/4 to $10.62-1/4 range.

A five-wave cycle from $10.38-1/2 has completed around resistance $10.77. Two shooting stars suggests a remote chance of the market to break the resistance and rise further.

Instead, the market may retrace below $10.65-1/2, the temporary support. A break above $10.72 could lead to a gain into $10.74-1/4 to $10.77 range.

On the daily chart, a doji formed on June 16 after the big white candle on June 13. The combination of these two patterns suggests an exhaustion of the rally, a flat consolidation or a correction is likely.

A break below $10.64-1/2 could trigger a drop to $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.​