TECHNICALS-CBOT soybeans to slide to $10.58-1/4

SINGAPORE, Jan 30 (Reuters) - The CBOT soybean March contract SH26 is expected to slide to $10.58-1/4 per bushel, as it is about to break the support at $10.66-1/2 and a rising trendline.

The uptrend from $10.37-3/4 may have reversed, as suggested by the deep fall on Thursday. The Jan. 26 low of $10.58-1/2 serves as a target.

Resistance is at $10.71, a break above which may lead to a gain into $10.73-1/4 to $10.75-3/4 range.

On the daily chart, a shooting star formed on Thursday, which is likely to be confirmed by a black candle on Friday. Together, they suggest a reversal of the short uptrend from $10.37-3/4.

A retracement analysis on the downtrend from $11.74 reveals a target zone of $10.47-1/4 to $10.57-1/2.

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.