TECHNICALS-CBOT soybeans to rise into $10.68-1/2 to $10.72-3/4 range

SINGAPORE, Feb 3 (Reuters) - The CBOT soybean March contract SH26 is expected to break a resistance at $10.64-1/2 per bushel, and rise into a range of $10.68-1/2 to $10.72-3/4.

The drop from $10.85-3/4 consists of three waves. The peak of the wave b falls within the range of $10.68-1/2 to $10.72-3/4, which serves as a target zone.

Support is at $10.59-1/2, a break below which may trigger a drop into the range of $10.51-1/2 to $10.56-1/2.

On the daily chart, a hammer formed on Monday, suggesting the completion of the fall from $10.85-1/2, or the first round of the fall.

Over the next one or two days, the market is expected to bounce towards the $10.69-3/4 to $10.89-3/4 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.