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

SINGAPORE, Jan 8 (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 above $10.70 may lead to a gain into $10.75-3/4 to $10.81-1/2 range. After the market failed to overcome this barrier at its first attempt, the bias could be toward the downside.

A break below $10.57-3/4 could trigger a fall into $10.44 to $10.51-1/4 range. On the daily chart, the peak of the wave d at $10.82-1/2, the December 26 high, remains as a target.

The correction on the hourly chart won't affect this target. This rise is expected to resume upon the completion of the correction.

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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