TECHNICALS-CBOT soybeans may extend loss into $10.32-1/4 to $10.39-1/2 range

SINGAPORE, Jan 13 (Reuters) - The CBOT soybean March contract SH26 may extend loss into a range of $10.32-1/4 to $10.39-1/2 per bushel on Tuesday due to the deep fall in the last session.

The fall strongly suggests the continuation of a downtrend from $11.72-1/2. The bounce triggered by the support at $10.39-1/2 has been almost reversed.

The reversal also indicates a continuation of the trend. Immediate resistance is at $10.51-1/4, a break above which could lead to a gain into $10.57-3/4 to $10.62-3/4 range.

On the daily chart, the contract has again fallen below a key support of $10.51-1/4, the 61.8% retracement of the uptrend from $9.76-1/2 to $11.72.

The market may extend loss toward the next support at $10.22-1/2, which will be confirmed when the market breaks $10.38.

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.