TECHNICALS-CBOT soybeans to retest resistance at $10.21

SINGAPORE, Oct 2 (Reuters) - The CBOT soybean November contract SX25 is expected to retest resistance at $10.21 per bushel, a break above which could lead to a gain to $10.27.

The strong reaction of the market to the support at $9.95-1/4 suggests a completion of the wave (c) from $10.52-1/2. The current bounce is against either this wave or a bigger cycle from $10.62-3/4.

Support is at $10.05, a break below which could trigger a fall into the $9.95-1/4 to $10.01-1/2 range. On the daily chart, a bullish engulfing formed between Tuesday and Wednesday, serving as a bullish reversal pattern to indicate a further gain on Thursday.

A retracement analysis reveals a target zone of $10.22 to $10.31-3/4.

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.