TECHNICALS-CBOT soybeans may end bounce around $11.05-1/4

SINGAPORE, Nov 10 (Reuters) - The CBOT soybean January contract SF26 may end its bounce around $11.05-1/4 per bushel - the peak of a wave b, and resume its drop thereafter.

A double-top seems to have formed around resistance at $11.35-3/4, even though it has become invalid by the current bounce.

Until the market breaks resistance at $11.26-3/4, the drop from around $11.36 is still likely to extend. A break, however, may signal the continuation of the uptrend toward $11.44.

Support is at $11.17-3/4, a break below which could trigger a fall into the $11.09-1/4 to $11.14-1/2 range. On the daily chart, the big black candlestick on November 6 overshadows the current bounce.

The market may retest support at $11.04-1/4. The continuation of the uptrend will only be confirmed when the contract breaks $11.30-1/4.

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.