TECHNICALS-CBOT soybeans may retest support at $10.05

SINGAPORE, Sept 24 (Reuters) - The CBOT soybean November contract SX25 may retest support at $10.05 per bushel, as it has deeply pierced below the 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 the main point to assess whether the wave (c) would extend.

Still, the extension will be likely even if the market manages to stay above $10.11-1/4 over the next few days. A break above $10.16-3/4 would lead to a gain into the $10.21 to $10.27 range.

On the daily chart, the market is falling towards the lower trendline of a big wedge around $9.92-1/2. A doji formed on September 23.

However, this candlestick pattern will not be considered a bullish reversal signal unless the market is able to maintain above $10.12-1/2 for a few days.

* 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.