TECHNICALS-CBOT soybeans may rise towards $10.38 to $10.51-1/2 range

SINGAPORE, Aug 15 (Reuters) - The CBOT soybean November contract SX25 may stabilize around support at $10.27 per bushel, and rise towards the $10.38 to $10.51-1/2 range.

The contract is consolidating within a big wedge, which follows the 0.864 Fibonacci ratio in its formation. A calculation on the downtrend from $10.73-1/4 suggests a target of $10.60-3/4, which is yet to be fulfilled.

A break below $10.27 may trigger a fall to $10.16. Signals on the hourly chart look contradictory to that on the daily chart.

A projection analysis on a wave c from $9.93-3/4 indicates a completion of this wave and the cycle from $9.81-1/4. The contract is expected to slide deeper.

Such bearish readings do not exclude the possibility of a stabilization of the market around $10.28-1/4 before a bounce toward $10.36-1/4.

* 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.