TECHNICALS-CBOT soybeans to test support at $11.40

SINGAPORE, Nov 19 (Reuters) - The CBOT soybean January contract SF26 is expected to test support at $11.40 per bushel, a break below which could open the way toward $11.21-1/4 to $11.30 range.

A shooting star formed on Tuesday around resistance at $11.70. It symbolizes the exhaustion of the rally. It is doubtful that the market could fulfil its ultimate target of $11.83-1/4, the 161.8% projection level of a wave C.

The whole uptrend from $10.12-1/2 may have ended prematurely. However, the shooting star will only be confirmed as a bearish reversal pattern, by a black candle on Wednesday, which is highly likely to form.

A break above $11.56-1/2 may lead to a gain to $11.70. A projection analysis on the hourly chart reveals more fine-tuned support and resistance.

A break below $11.44 could trigger a fall into $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.