TECHNICALS-CBOT soybeans may retest resistance at $11.35-3/4

SINGAPORE, Nov 5 (Reuters) - The CBOT soybean January contract SF26 may retest resistance at $11.35-3/4 per bushel, a break above could lead to a gain at $11.44.

The market's strong recovery from a decline on Tuesday confirms the continuation of the uptrend, unless it unexpectedly breaks $11.22-1/2. A break below this level would indicate a potential extension of the downtrend from $11.35-3/4.

On the daily chart, a projection analysis on the uptrend from $10.18-3/4 reveals a target zone of $11.51-3/4 to $11.77-3/4.

The correction triggered by the resistance at $11.35-3/4 seems to have been limited to the support zone of $11.17-1/2 to $11.26.

With the contract approaching $11.35-3/4 again, it is likely to overcome this barrier and rise toward $11.51-3/4.

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.