TECHNICALS-CBOT soybeans may test resistance at $10.77

SINGAPORE, June 18 (Reuters) - The CBOT soybean July contract SN25 may test resistance at $10.77 per bushel, a break above which could led to gain into the $10.81-1/2 to $10.89 range.

Despite the fact that the two shooting stars around the resistance are shadowing the rise, the market keeps climbing toward this barrier.

The only explanation to this steady rise could be an extension of the wave C toward $10.89, which started at $10.38-1/2 and managed to hover above the 100% level of $10.69-3/4.

A break below $10.69-3/4 would cause a fall into the range of $10.62-1/4 to $10.65-1/2. On the daily chart, the contract seems to have broken resistance at $10.70-1/2. The break opened the way toward $10.91.

* 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.​