TECHNICALS-CBOT soybeans to retrace into $11.13-$11.19 range

SINGAPORE, Nov 20 (Reuters) - The CBOT soybean January contract SF26 is expected to retrace into a range of $11.13 to $11.19 per bushel, as suggested by its wave pattern.

A wave 4 ended in the range. Its bottom served as a target. A rising trendline was broken. The break suggests a reversal of the uptrend from $10.18-1/2.

A break above $11.36-1/4 may lead to a gain into $11.44 to $11.53-1/2 range. On the daily chart, a shooting star has been confirmed, further indicating the reversal of the whole uptrend from $10.12-1/2.

A channel technique suggests a target of $11.21-1/4, a fall below which could be extended to $10.86-3/4, as pointed by the lower channel.

Wang Tao is a Reuters market analyst for commodities and energy technicals. Views expressed are his own.

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