TECHNICALS-CBOT soybeans neutral in $10.63-1/4 to $10.70-1/2 range

SINGAPORE, Dec 24 (Reuters) - The CBOT soybean March contract SH26 looks neutral in a narrow range of $10.63-1/4 to $10.70-1/2 per bushel, and an escape could suggest a direction.

The contract failed to break resistance at $10.70-1/2. The failure suggests a completion of the bounce from around $10.58, or the first round of the bounce.

A break above $10.70-1/2 could confirm the extension of the bounce toward $10.76-1/4 to $10.82 range, while a break below $10.63-1/4 may be followed by a fall into $10.51-1/2 to $10.58-1/4.

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.

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