TECHNICALS-CBOT soybeans poised to rise into $10.78-3/4 to $10.83-1/2 range

SINGAPORE, Jan 28 (Reuters) - The CBOT soybean March contract SH26 is poised to break resistance at $10.75-3/4 per bushel, and rise into the $10.78-3/4 to $10.83-1/2 range.

The contract is presumed to be riding on a wave c from $10.37-3/4, which has travelled above its 100% projection level of $10.71.

Chances are this wave could extend into the $10.83-1/2 to $10.91-1/2 range. Support is at $10.71, a break below may trigger a fall to $10.66-1/2.

On the daily chart, the contract has broken a resistance at $10.69-3/4. The break confirmed both an immediate target of $10.89-3/4 and a double-bottom around $10.37-3/4.

The pattern suggests a target of $11.05-3/4.

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.