TECHNICALS-CBOT soybeans may retest support at $10.22

SINGAPORE, Sept 10 (Reuters) - The CBOT soybean November contract SX25 may retest support at $10.22 per bushel, a break below which could trigger a fall to $10.13.

A wedge looks like a bearish continuation pattern, suggesting a target of $10.13. It will be confirmed when the market breaks $10.25-1/2.

The pattern formed a more bearish pennant with the preceding fall from $10.54-3/4, which indicates a lower target of $10.07. Resistance is at $10.31-1/4, a break above which may lead to a small gain into $10.34-1/2 to $10.36-3/4 range.

On the daily chart, a wedge has been constructed by the ratio of 0.864. The contract is falling towards the lower trendline around $9.92-1/4, the 86.4% retracement of the uptrend from $9.81-1/4.

A realistic target is $10.16.

* 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.