TECHNICALS-CBOT soybeans may retest resistance at $10.70

SINGAPORE, Jan 9 (Reuters) - The CBOT soybean March contract SH26 may retest resistance at $10.70 per bushel; a break above that could lead to a gain into the $10.75-3/4 to $10.81-1/2 range.

A correction triggered by the resistance seems to have ended around the support of $10.62-3/4. The correction is classified as an extended pullback toward the lower channel.

A duplicated upper channel suggests a target of $10.88-3/4. A break below $10.62-3/4 may be followed by a fall into the $10.51-1/4 to $10.57-3/4 range.

On the daily chart, the market still targets the peak of the wave d at $10.82-1/2, the December 26 high, which is near $10.88-3/4 (hourly chart).

Strategically, the target will be confirmed when the market breaks $10.70.

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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