TECHNICALS-CBOT soybeans may rise into $10.78-1/2 to $10.80-1/2 range

SINGAPORE, Jan 26 (Reuters) - The CBOT soybean March contract SH26 may break resistance at $10.75 per bushel and rise into the $10.78-1/2 to $10.80-1/2 range.

A rising channel suggests a target around $10.80-1/2. A projection analysis on the uptrend from $10.52 indicates a higher target zone of $10.83-3/4 to $10.89-1/4.

Support is at $10.71-3/4, a break below which could trigger a fall into the $10.66-1/4 to $10.69-1/2 range. On the daily chart, the contract has broken a resistance at $10.69-3/4.

The break could lead to a gain into the $10.89-3/4 to $11.05-3/4 range.

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.