TECHNICALS-CBOT soybeans to retest resistance at $11.10-3/4

SINGAPORE, Feb 5 (Reuters) - The CBOT soybean March contract SH26 is expected to retest a resistance at $11.10-3/4 per bushel, a break above which could lead to a gain into the $11.17-3/4 to $11.29 range.

A wave c from $10.51-1/2 has travelled above its 100% projection level of $10.99-1/2. It may extend into the range of $11.17-3/4 to $11.29.

The market may still climb into the $11.06-1/2 to $11.10-3/4 range, even if this wave c turns out to have completed at $11.15-1/4, as the upper shadow of a shooting star is exceptionally long.

Support is at $10.93, a break below which may trigger a fall into the $10.81-1/4 to $10.88-1/4 range. On the daily chart, the contract has briefly pierced the $11.05-3/4 resistance level. It is expected to overcome this barrier and rise to $11.21-3/4.

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.

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