TECHNICALS-CBOT soybeans may extend loss to $9.97-1/2

SINGAPORE, July 10 (Reuters) - The CBOT soybean November contract SX25 may extend loss to $9.97-1/2 per bushel, driven by a wave C.

A projection analysis reveals that this wave has briefly pierced below the 86.4% projection level of $10.05-3/4. It has a better chance of travelling to the 100% level of $9.97-1/2.

Resistance is at $10.12, a break above which could lead to a gain to $10.20-3/4. On the daily chart, the contract has broken support at $10.15.

The break opened the way towards the $9.88 to $9.98-1/4 range.

* 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.​