TECHNICALS-CBOT soybeans may extend gains into $10.42-1/2 to $10.45-3/4 range

SINGAPORE, Oct 23 (Reuters) - The CBOT soybean November contract SX25 may extend gains into a range of $10.42-1/2 to $10.45-3/4 per bushel, as it has broken key resistance at $10.37-1/4.

The break confirmed an extension of the wave C toward $10.51, its 138.2% projection level. A realistic target zone is from $10.42-1/2 to $10.45-3/4.

The break will be considered invalid, if the market closes below $10.37-1/4 on Thursday.

On the daily chart, the contract has cleared resistance at $10.31-3/4. It may rise into a range of $10.43-1/2 to $10.50-3/4 range.

The current rise looks increasingly like an extension of the uptrend from $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.