TECHNICALS-CBOT soybeans to retest support at $11.11-1/2

SINGAPORE, Nov 25 (Reuters) - The CBOT soybean January contract SF26 is expected to retest support at $11.11-1/2 per bushel, as a bounce triggered by this barrier may have completed.

The bounce is classified as a pullback towards a rising trendline. It could be well broken down into three small waves, a structure signalling the completion of the bounce.

Resistance is at $11.34-3/4, a break above which could lead to a gain into the $11.41-1/4 to $11.48 range. On the daily chart, the hammer on November 21 around support of $11.13-1/2 was not confirmed, as it was followed by a black candle.

The market looks more likely to test support at $11.13-1/2 than to break resistance at $11.30 and rise towards $11.40.

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.