TECHNICALS-CBOT soybeans neutral in $10.57-3/4 to $10.70 range

SINGAPORE, Jan 7 (Reuters) - The CBOT soybean March contract SH26 looks neutral in a range of $10.57-3/4 to $10.70 per bushel, and an escape could suggest a direction.

A break below $10.57-3/4 could trigger a fall into $10.44 to $10.51-1/4 range. However, the bias might be toward the upside, due to a reversal of the downtrend from $11.72-1/2.

A break above $10.70 would lead to a gain into $10.75-3/4 to $10.81-1/2 range.

On the daily chart, a hammer formed on January 2 around a rising trendline, which has been confirmed by the following big white candle.

These candlesticks formed a more bullish morning star, together with the big black candle on December 31, 2025. The downtrend from $11.72-3/4 has apparently reversed.

The peak of the wave d at $10.82-1/2, the December 26 high, serves as a target.

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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