TECHNICALS-CBOT soybeans may extend gains to $11.04-1/4

SINGAPORE, Oct 28 (Reuters) - The CBOT soybean January contract SF26 may extend gains to $11.04-1/4 per bushel, as it has briefly pierced above resistance at $10.96-1/2.

A wave c might be unfolding toward its 261.8% projection level of $11.04-1/4, as it shows little sign of completing around $10.96-1/2.

Support is at $10.91-3/4, a break below which may trigger a fall toward $10.84. A study on the bigger picture of the daily chart would reveal whether the market could surge far above $11.04-1/4.

The contract has climbed above a wedge, which suggests a target around $11.26. A projection analysis on the wave C from $10 indicates a lower target of $11.10.

A drop, as long as it is limited $10.84, will be considered a pullback toward the wedge.

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.