TECHNICALS-CBOT soybeans may test support at $10.15

SINGAPORE, July 22 (Reuters) - The CBOT soybean November contract SX25 may test support at $10.15 per bushel, as suggested by its wave pattern and a projection analysis.

The fall from $10.74-1/4 may have adopted a double-zigzag pattern, consisting of seven waves in total. The current wave A could travel into $9.88 to $9.98-1/4 range.

This wave count will prove invalid once the market breaks $10.42. Such a break would lead to a gain into $10.58-3/4 to $10.70-1/4 range.

On the hourly chart, the contract is struggling around the resistance of $10.28. A break may trigger a weak gain to $10.33-1/2.

The market has fallen far below a falling trendline, drastically reducing the chance of the uptrend from $9.98-1/4 to extend.

* 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.