TECHNICALS-CBOT soybeans still targets $11.08-1/2 to $11.12-1/2 range

SINGAPORE, Dec 5 (Reuters) - The CBOT soybean January contract SF26 still targets a range of $11.08-1/2 to $11.12-1/2 per bushel, as suggested by its wave pattern and a projection analysis.

The contract is riding on a wave c, the third wave of three-wave cycle from $11.42-1/4. This wave has travelled below the 100% projection level of $11.18-3/4. It 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 target of $11.07-3/4, close to $11.08-1/2. A break above $11.22-3/4 may lead to a gain to $11.29.

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

The pattern will be confirmed when the market breaks support at $11.13.

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.