TECHNICALS-CBOT soybeans may rise into $11.57-1/4 to $11.65-1/4 range

SINGAPORE, Nov 14 (Reuters) - The CBOT soybean January contract SF26 is expected to break resistance at $11.52-1/2 per bushel, and rise into $11.57-1/4 to $11.65-1/4 range.

Based on the depth of the correction from $11.35-3/4, the contract could climb to $11.65-1/4. A projection analysis on the uptrend from $10.18-3/4 reveals a lower target of $11.57-1/4.

Support is at $11.44, a break below which could trigger a fall into $11.35-3/4 to $11.39-3/4 range. On the daily chart, the uptrend remains intact within a rising channel, which suggests a target of $11.70.

A projection analysis on a wave C from $10.00-1/4 reveals a slightly higher target of $11.83-1/4.

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.