TECHNICALS-CBOT soybeans may test support at $11.26-3/4

SINGAPORE, Dec 1 (Reuters) - The CBOT soybean January contract SF26 may test support at $11.26-3/4 per bushel, a break below which could open the way toward $11.21-1/2 to $11.26-3/4 range.

The contract failed to break resistance at $11.41-1/2, which is near the peak of a wave b. The failure suggests a completion of the bounce from $11.13-1/4.

The bounce seems to have been driven by a wave B, the second wave of a three-wave cycle from $11.70. The third wave, the wave C, could have started, unfolding toward $11.13-1/4.

A break above $11.35 may lead to a gain to $11.41-1/2. On the daily chart, the contract failed to break resistance at $11.40.

The bounce over the past few days is classified as a pullback toward the upper channel. The failure may have marked the completion of the pullback. The contract is poised to fall into the lower channel.

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.