TECHNICALS-CBOT soybeans may fall into $10.44 to $10.51-1/4 range

SINGAPORE, Dec 31 (Reuters) - The CBOT soybean March contract SH26 may break support at $10.57-3/4 per bushel, and fall into $10.44 to $10.51-1/4 range.

The downtrend remains steady within a falling channel, which suggests a target of $10.39-1/2. The trend is riding on a wave E, which is capable of travelling far below the bottom of the wave C around $10.57.

Immediate resistance is at $10.62-3/4, a break above which may lead to a gain capped at $10.70. On the daily chart, the contract is expected to fall toward $10.51, following its failure to break resistance at $10.74-1/4.

Given that the support at $10.51 might be exceptionally strong, the market may stabilize around this barrier and bounce thereafter.

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.

​