TECHNICALS-CBOT soybeans to retest resistance at $10.83-1/2

SINGAPORE, Jan 29 (Reuters) - The CBOT soybean March contract SH26 is expected to retest resistance at $10.83-1/2 per bushel; a break above that level could lead to a gain to $10.91-1/2.

The contract is riding on a wave c from $10.37-3/4, which has briefly travelled above its 138.2% projection level of $10.83-1/2.

The correction triggered by the resistance is considered a pullback toward $10.76-1/4, the Jan 26 high. The pullback seems to have ended.

A break below $10.73-1/4 could trigger a fall into the $1.66-1/2 to $10.71 range. 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.

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