TECHNICALS-CBOT soybeans may fall into $11.08-1/2 to $11.12-1/2 range

SINGAPORE, Dec 4 (Reuters) - The CBOT soybean January contract SF26 may fall into a range of $11.08-1/2 to $11.12-1/2 per bushel, driven by a wave c.

As the third wave of three-wave cycle from $11.42-1/4, it has travelled below the 100% projection level of $11.18-3/4. This wave is highly likely to extend into the range of $11.08-1/2 to $11.12-1/2.

Another projection analysis on a bigger wave C from $11.45 reveals a similar target of $11.07-3/4. A break above $11.18-3/4 may lead to a gain to $11.22-3/4.

On the daily chart, a channel technique suggests a target zone of $10.97-1/2 to $11.05, while a head-and-shoulders points to a much lower target of $10.56-1/4.

The pattern will become invalid once the market breaks resistance at $11.29-1/2.

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.