TECHNICALS-CBOT soybeans may fall toward $10.11-1/4

SINGAPORE, Sept 22 (Reuters) - The CBOT soybean November contract SX25 may break support at $10.21 per bushel, and fall toward $10.11-1/4.

The drop from $10.52-1/2 is considered a continuation of the downtrend from $10.62-3/4. Riding on a wave (c), the trend has extended below a key barrier at $10.27, the 61.8% projection level of the wave (c).

Chances are this wave may eventually extend to the 100% projection level of $10.11-1/4. Resistance is at $10.27, a break above which could lead to a gain into $10.31-3/4 to $10.36-3/4 range.

On the daily chart, the market briefly pierced below support at $10.22 again. Given that the current fall is toward the lower trendline of a big wedge, the support may not hold.

A close of the market below $10.22 on Sept. 22 will confirm the break the target range of $10.00-1/2 to $10.12-1/2.

* 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.