TECHNICALS-CBOT soybeans may fall into $10.51-1/4 to $10.57-3/4 range

SINGAPORE, Jan 12 (Reuters) - The CBOT soybean March contract SH26 may fall into a range of $10.51-1/4 to $10.57-3/4 per bushel, following its failures to break resistance at $10.70.

The two failures indicate the formation of a top around $10.70. The bounce from $10.38, or the first round of this bounce, could have completed.

A break above $10.70 would open the way toward $10.75-3/4 to $10.81-1/2 range.

On the daily chart, a target of $10.82-1/2 has been temporarily aborted, as the market faces resistance at $10.70.

The contract may either remain flat below this barrier or retrace into $10.47-1/2 to $10.57-3/4 range. The target of $10.82-1/2 will be resumed 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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