TECHNICALS-CBOT soybeans to retrace into $10.56-1/2 to $10.59-1/2 range

SINGAPORE, Feb 4 (Reuters) - The CBOT soybean March contract SH26 is expected to retrace into a range of $10.56-1/2 to $10.59-1/2 per bushel, as it failed to break a resistance at $10.68-1/2.

The resistance is near the peak of a wave b. The failure to overcome this barrier suggests a completion of the bounce from $10.51-1/2 or the first round of the bounce.

A break above $10.68-1/2 may lead to a gain into the $10.72-3/4 to $10.77-3/4 range. On the daily chart, trending signals turned neutral, as the market is temporarily stuck in the range of $10.57-1/2 to $10.69-3/4.

A break above $10.69-3/4 may lead to a gain to $10.89-3/4, while a break below $10.57-1/2 may cause a fall into the $10.37-3/4 to $10.47-1/4 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.