TECHNICALS-CBOT soybeans poised to fall toward $9.95-1/4 to $10.01-1/2 range

SINGAPORE, Sept 30 (Reuters) - The CBOT soybean November contract SX25 is poised to break support at $10.05 per bushel and fall toward $9.95-1/4 to $10.01-1/2 range.

The consolidation in the range of $10.05 to $10.21 seems to be ending around $10.05. This move suggests a continuation of the downtrend from $10.52-1/2.

Indeed, a small triangle has been more or less confirmed as a bearish continuation pattern, indicating a target of $9.95-1/4.

Resistance is at $10.11-1/4, a break above which may lead to a gain into $10.16-3/4 to $10.21 range. On the daily chart, the contract has completed a pullback toward $10.12-1/2 and is poised to fall toward $9.92-1/2 to $10.00-1/2 range.

The lower trendline of a big wedge points at a target of $9.92-1/2 as well.

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.