TECHNICALS-CBOT soybeans biased to retest support at $11.18-3/4

SINGAPORE, Nov 26 (Reuters) - The CBOT soybean January contract SF26 is biased to retest support at $11.18-3/4 per bushel, a break below which could trigger a fall toward $11.03-1/2.

The current consolidation is taking the shape of a wedge, which looks like a bearish continuation pattern, as it formed after a downtrend.

A projection analysis on a wave c from $11.43 reveals that it has only completed 61.8% of its expected move. A break above $11.28 may lead to $11.43.

On the daily chart, the resistance at $11.30 works together with the one at $11.28 on the hourly char to stop the bounce. Strategically, a fall below the Tuesday low of $11.13-1/4 would confirm the continuation of the downtrend toward $10.86-3/4.

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.