TECHNICALS-CBOT soybeans may retest support at $10.60

SINGAPORE, Jan 23 (Reuters) - The CBOT soybean March contract SH26 may retest support at $10.60 per bushel, a break below which could open the way toward the $10.53-1/2 to $10.57-1/4 range.

The market has lost its momentum after briefly piercing above the January 12 high of $10.71-1/4. The subsequent fall indicates the completion of a flat pattern that developed from January 2.

This is considered a bearish continuation pattern, likely to be followed by a resumption of the downtrend. Resistance is at $10.66-1/2, a break above which may lead to a gain to $10.72-1/2.

On the daily chart, the contract failed to break resistance at $10.69-3/4. Due to this failure, it is likely to retrace into the range of the $10.37-3/4 to $10.47-1/4.

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.