TECHNICALS-CBOT soybeans may retest support at $10.36-3/4

SINGAPORE, Sept 19 (Reuters) - The CBOT soybean November contract SX25 may retest support at $10.36-3/4 per bushel, a break below could open the way toward the $10.27 to $10.31-3/4 range.

The drop from $10.52-1/4 is classified as an extension of the downtrend from $10.62-3/4. Driven by a wave (c), the drop may extend into a wide range of $10.11-1/4 to $10.27.

Immediate resistance is at $10.42-3/4, a break above which will be confirmed when the market climbs above $10.44. The break could trigger a gain into $10.43-1/2 to $10.52-1/2 range.

On the daily chart, the market broke support at $10.43-1/2. It is experiencing a pullback towards this level. The break opened the way toward $10.31-3/4.

Key resistance is at $10.50-3/4, a break above which would suggest a continuation of the uptrend from $9.81-1/2.

* 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.