TECHNICALS-CBOT soybeans may test support at $11.14-1/2

SINGAPORE, Nov 6 (Reuters) - The CBOT soybean January contract SF26 may test support at $11.14-1/2 per bushel, a break below which could trigger a drop to $10.96.

The contract failed twice to break $11.35-3/4. The failures suggest the formation of a double-top, which will be confirmed when the market breaks $11.14-1/2.

A less bearish pattern is a flat, which started at $11.35-3/4. It consists of three waves that are roughly equal in length and suggests a drop to $11.14-1/2 as well.

A break above $11.30-3/4 could lead to a gain into $11.35-3/4 to $11.44 range.

On the daily chart, a projection analysis on the uptrend from $10.18-3/4 reveals a resistance at $11.35-3/4, which proved to be much stronger than expected.

The market may either consolidate further in the zone of $11.17-1/2 to $11.35-3/4 or retrace toward $11.02-1/4 to $11.10 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.