TECHNICALS-CBOT soybeans may test support at $10.40-1/2

SINGAPORE, Aug 28 (Reuters) - The CBOT soybean November contract SX25 may test support at $10.40-1/2 per bushel, a break below which could cause a fall into the $10.32-1/2 to $10.35-1/2 range.

The uptrend from $9.81-1/4 is believed to have reversed. Three waves make up the current fall. The wave c is expected to travel to $10.32-1/2, presuming it is roughly equal to the wave a.

The consolidation above $10.44-1/2 is considered a pullback towards a rising trendline. Immediate resistance is at $10.48-1/2, a break above which could lead to a gain into $10.53-1/4 to $10.61-1/4 range.

On the daily chart, the 0.864 ratio still remains effective in the formation of the wedge. A retracement analysis on the uptrend from $9.80-3/4 reveals support at $10.38, a break below which could trigger a fall into $10.16 to $10.27 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.