TECHNICALS-CBOT soybeans may extend loss into $10.37-3/4 to $10.43-1/2 range

SINGAPORE, Dec 22 (Reuters) - The CBOT soybean January contract SF26 may extend loss into a range of $10.37-3/4 to $10.43-1/2 per bushel, as it has briefly pierced below a key support at $10.51-1/2.

The contract is riding on a wave C which may either end around $10.51-1/2 or extend into $9.95-1/4 to $10.08-1/2 range. Until now, there has been no convincing signals of a trend reversal.

Resistance is at $10.58-1/4, a break above which might be the very first sign of the trend reversal. A bullish target zone of $10.65 to $10.73 will be established.

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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