TECHNICALS-CBOT soybeans to edge up to $11.34-3/4

SINGAPORE, Nov 24 (Reuters) - The CBOT soybean January contract SF26 is expected to edge up to $11.34-3/4 per bushel, following its stabilization around support at $11.11-1/2.

A pullback toward a rising trendline has been triggered. Most likely, the pullback would end in the range of $11.34-3/4 to $11.41-1/4.

Immediate support is at $11.21-1/4, a break below which could trigger a fall into $10.93-3/4 to $11.11-1/2 range.

On the daily chart, the contract managed to find support around $11.13-1/2, the 100% projection level of a wave C from $10.00-1/4.

Strengthening the support is a similar one established by a rising channel. The hammer forming on Nov. 21 confirmed a completion of the fall from $11.69-1/2, the first round of this fall.

The uptrend may not resume within the channel, but the market is likely to experience a bounce.

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.