TECHNICALS-CBOT soybeans may extend gains into $10.51 to $10.55-1/4 range

SINGAPORE, Oct 24 (Reuters) - The CBOT soybean November contract SX25 may extend gains into a range of $10.51 to $10.55-1/4 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 to $10.59-1/2 range, formed by its 138.2% and 161.8% projection levels.

Immediate support is at $10.42-1/2, a break below which could open the way toward $10.37-1/4. On the daily chart, the contract has more or less cleared resistance at $10.43-1/2. It may rise into a range of $10.50-3/4 to $10.62-3/4.

The market may experience a correction around $10.50-3/4, which is near the peak of a wave B.

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.