TECHNICALS-CBOT soybeans to fall to $9.85-1/2

SINGAPORE, Oct 1 (Reuters) - The CBOT soybean November contract SX25 is expected to fall to $9.85-1/2 per bushel, driven by a wave (c).

A projection analysis reveals that this wave has briefly travelled below the 138.2% projection level of $9.95-1/4. It is likely to extend to $9.85-1/2.

A pennant developing from around $10.46-1/2 suggests a similar target. A bounce from the current level may be limited to $10.01-1/2.

On the daily chart, a big wedge is contracting to a point. It looks like a bearish continuation pattern, to be confirmed when the market breaks $9.81-1/2.

A bearish target of $9.60 will be established accordingly.

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.