TECHNICALS-CBOT soybeans may retest support at $10.39-1/2

SINGAPORE, Jan 15 (Reuters) - The CBOT soybean March contract SH26 may retest support at $10.39-1/2 per bushel, a break below which could trigger a 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.

As long as the market remains below resistance of $10.47-3/4, the bearish view will remain unchanged. A break above this level could lead to a gain into the $10.57-3/4 to $10.62-3/4 range.

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

A rising trendline has also been broken. The break opened the way towards $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.