TECHNICALS-CBOT soybeans may fall into $10.26-1/4 to $10.32-1/4 range

SINGAPORE, Jan 14 (Reuters) - The CBOT soybean March contract SH26 may break support at $10.39-1/2 per bushel and fall into a range of $10.26-1/4 to $10.32-1/4.

The bounce from $10.38 has been totally reversed. The reversal suggests a continuation of the downtrend from $11.49-3/4.

A projection analysis on the trend reveals a target zone of $10.20-3/4 and $10.32-1/4. Resistance is at $10.44, a break above which may lead to a gain into a range of $10.47-3/4 to $10.51-1/4 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.

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.