TECHNICALS-CBOT soybeans may revisit November 5 high of $11.37

SINGAPORE, Nov 11 (Reuters) - The CBOT soybean January contract SF26 may revisit its November 5 high of $11.37 per bushel, as it has climbed above the peak of a wave b at $11.26-3/4.

The uptrend from $10.18-3/4 may have resumed. Based on the depth of the correction from $11.37, the trend may extend to $11.70.

Immediate support is at $11.22-1/2, a break below which may cause a fall into the range of $11.09-1/4 to $11.04-1/2. On the daily chart, the contract is retesting resistance at $11.30-1/4, a break above which could open the way towards $11.46-1/4.

Wave pattern indicates the progress of a wave 5, which may travel into the range of $1.59-1/4 to $11.72, as pointed by a rising channel.

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.