TECHNICALS-CBOT soybeans may extend loss into $10.74-3/4 to $10.78-1/2 range

SINGAPORE, Dec 10 (Reuters) - The CBOT soybean January contract SF26 may extend its loss into a range of $10.74-3/4 to $10.78-1/2 per bushel, as suggested by its wave pattern and a projection analysis.

A wave C from $11.42 has travelled below its 100% projection level of $10.86-1/4. It is highly likely to extend into the range of $10.52 to $10.65.

Another projection analysis on the downtrend from $11.35 reveals nearer target zone of $10.74-3/4 to $10.78-1/2. Immediate resistance is at $10.89, a break above which may trigger a weak gain to $10.95-1/4.

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. The sharp fall shows little sign of stopping.

A decent bounce may only occur when the contract finds support at $10.72, the 61.8% retracement of the uptrend from $10.12 to $11.68-3/4.

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.