TECHNICALS-CBOT soybeans may retest support at $10.70-1/2

SINGAPORE, Dec 29 (Reuters) - The CBOT soybean March contract SH26 may retest support at $10.70-1/2 per bushel, as a bounce from $10.57 may have completed.

The bounce only briefly pierced above resistance at $10.78-3/4, narrowly missing its target of $10.85, which is pointed by a falling channel.

The bounce is considered the same degree as the one from the Nov. 21 low of $11.23-1/2. A break above $10.78-3/4 may lead to a gain to $10.85 to $10.92-1/4 range.

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.

​