TECHNICALS-CBOT soybeans to retest support at $11.14-1/2

SINGAPORE, Nov 17 (Reuters) - The CBOT soybean January contract SF26 is expected to retest support at $11.14-1/2 per bushel, a break below could open the way toward $11.03.

A retracement analysis on the uptrend from $11.03 reveals that the market has briefly pierced below the 61.8% level of $11.21-3/4. It is likely to revisit the low of $11.03.

The bounce triggered by the support at $11.14-1/2 is classified as a pullback toward a short trendline. The pullback may end around $11.27-3/4 or slightly below $11.33-1/4.

A break above $11.33-1/4 may lead to a gain into the $11.40-1/4 to $11.44-3/4 range. On the daily chart, a bearish divergence appeared on the daily RSI, confirming an exhaustion of the uptrend from $10.12-1/2.

The trend could be divided into five waves, a structure suggesting its completion, along with the divergence and the deep fall from $11.52-1/4.

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.