TECHNICALS-CBOT soybeans may test support at $10.21

SINGAPORE, July 24 (Reuters) - The CBOT soybean November contract SX25 may test support at $10.21 per bushel, a break below which could open the way towards $10.12-1/4.

A wave c from $10.35-1/4 is expected to extend into a wide range of $10.12-1/4 to $10.21, formed by its 100% and the 61.8% projection levels.

This wave makes a part of a bigger wave A, which is likely to travel into the $9.80-1/2 to $9.83-3/4 range. Resistance is at $10.26-1/2, a break above which could lead to a gain into the $10.29-3/4 to $10.35-1/4 range.

On the daily chart, the contract is consolidating within a wedge, the lower trendline of which points at a target around $9.90.

The moves are controlled by a series of retracements on the fall from $10.58-3/4 to $9.98-1/4. The support at 38.2% level of $10.21-1/4 looks vulnerable, given the shooting star on July 23.

* 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.