TECHNICALS-CBOT soybeans to rise toward $11.70 to $11.83-1/4 range

SINGAPORE, Nov 18 (Reuters) -

The CBOT soybean January contract SF26 is expected to break resistance at $11.56-1/2 per bushel and

The resistance is identified as the 138.2% projection level of a wave C from $10.00-1/4. This wave may eventually extend to $11.83-1/4, as it has briefly travelled above $10.56-1/2.

A channel technique suggests the target of $11.83-1/4 as well. Support is at $11.40, which looks too far away to be realistic.

A closer look at the hourly chart would reveal more sensitive support levels. A projection analysis on the rise from $10.70-3/4 to $11.35-3/4 marks the nearest support at $11.53-1/2, the 76.4% level.

The next support is at $11.44, a break below which could open the way toward $11.28-1/2 to $11.36-1/4 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.