TECHNICALS-CBOT soybeans may fall into $10.86-1/4 to $10.89-1/2 range

SINGAPORE, Dec 9 (Reuters) - The CBOT soybean January contract SF26 may extend loss into a range of $10.86-1/4 to $10.89-1/2 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 briefly travelled below its 238.2% projection level of $10.95-3/4. It is highly likely to extend to $10.89-1/2.

Another projection analysis on a bigger wave C from $11.42 reveals a target of $10.86-1/4, the 100% level. Resistance is at $10.97-1/4, a break above which may lead to a gain into $11.02 to $11.07-3/4 range.

On the daily chart, a channel technique suggests a target of $10.56-1/4, which is pointed by a head-and-shoulders as well. A realistic target is $10.86-1/4, which is similar to the target zone on the hourly chart.

Any bounce from the current level will be classified as a pullback toward $10.97-1/2.

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.