TECHNICALS-CBOT soybeans may retest support at $10.87

SINGAPORE, Oct 29 (Reuters) - The CBOT soybean January contract SF26 may retest support at $10.87 per bushel, probably after a weak bounce to $10.95.

The deep fall from $11.08 suggests a reversal of the uptrend from $10.18-1/4. A retracement analysis on the trend reveals support at $10.87, the 23.6% level.

The close relation between the fall and the uptrend further indicates a trend reversal. A break below $10.87 would open the way toward $10.73-3/4.

A break above $10.95 may lead to a gain to $11.01-3/4. On the daily chart, the current correction is tentatively classified as a pullback toward a wedge.

As long as the pullback is limited to $10.84, a bullish target of $11.26 will remain intact.

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.