TECHNICALS-CBOT soybeans may retest resistance at $10.95-1/4

SINGAPORE, Dec 12 (Reuters) - The CBOT soybean January contract SF26 may retest resistance at $10.95-1/4 per bushel, a break above which could lead to a gain into $10.99-1/4 to $11.04 range.

As long as the market hovers above support at $10.89, it may extend its bounce toward a falling trendline that points to a target of $10.99-1/4.

A break below $10.89 may suggest the completion of the bounce and a continuation of the downtrend. On the daily chart, a channel technique suggests a target of $10.56-1/4, which is also indicated by a head-and-shoulders pattern.

A bounce has occurred around the $10.86-1/4 support level. This bounce is classified as a pullback toward the middle channel. It may end below $11.05.

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.

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