TECHNICALS-CBOT soybeans may retest support at $10.72-1/4

SINGAPORE, Oct 30 (Reuters) - The CBOT soybean January contract SF26 may retest support at $10.72-1/4 per bushel, a break below which could trigger a fall into $10.63-1/4 to $10.66-3/4 range.

A wave c from $11.05 looks incomplete, as it has briefly pierced below its 138.2% projection level of $10.72-1/4. It is highly likely to extend to the 161.8% level of $10.66-3/4.

A retracement analysis on the uptrend from $10.18-1/2 to $11.08 reveals a lower target of $10.63-1/4. Resistance is at $10.87, a break above which may lead to a gain to $10.95.

On the daily chart, the pullback toward a wedge seems to be too deep. It may turn out to be a sign of the uptrend reversal. The focus is on whether the market could close above $10.84 on Thursday.

A failure may be followed by a drop toward $10.55 to $10.68 range.

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.