TECHNICALS-CBOT soybeans may fall to $9.95-1/4

SINGAPORE, Sept 23 (Reuters) - The CBOT soybean November contract SX25 may fall to $9.95-1/4 per bushel, as it has broken support at $10.11-1/4.

Identified as the 100% projection level of a wave (c) from $10.52-1/2, this support served as a main point for assessing whether the wave (c) would extend.

The extension has been confirmed. A bearish target zone of $9.85-1/2 to $9.95-1/4 has been established. Resistance is at $10.11-1/4, a break above which could lead to a gain into $10.16-3/4 to $10.21 range.

On the daily chart, the market is falling towards the lower trendline of a big wedge around $9.92-1/2. The wedge looks like a bearish continuation pattern, to be confirmed when the contract falls below $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.