TECHNICALS-CBOT soybeans may fall to $11.18-3/4

SINGAPORE, Dec 3 (Reuters) - The CBOT soybean January contract SF26 may fall to $11.18-3/4 per bushel, driven by a wave c.

As the third wave of three-wave cycle from $11.42-1/4, it is expected to travel to $11.18-3/4, the 100% projection level, assuming that this wave c would be roughly equal to the wave a.

These waves make up a bigger wave C, which could extend to its 61.8% projection level of $11.07-3/4. Resistance is at $11.31-1/2, a break above may lead to a weak gain at $11.35.

On the daily chart, the contract has moved into the lower channel, which was duplicated from the upper channel. This channel technique suggests a target of $11.00-3/4.

Strategically, the target will be confirmed when the market breaks $11.16-3/4. A break above $11.35-3/4 will complicate the picture that the market may bounce toward $11.52.

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.