TECHNICALS-CBOT soybeans to rise to $11.78-1/2

SINGAPORE, Feb 25 (Reuters) - The CBOT soybean May contract SK26 is expected to rise to $11.78-1/2 per bushel, as suggested by an expanding wedge and a projection analysis.

The pattern looks bullish, as the market is about to break the upper trendline. For the third time, the contract climbed above the resistance at $11.60-1/2, which has been considered invalid.

Chances are the market may extend gains toward the range of $11.78-1/2 to $11.89-3/4. Support is fixed at $11.54, a break below which may be followed by a drop to $11.42-1/4.

On the daily chart, the market seems to have broken a resistance at $11.60-1/4. The break could lead to a gain to $11.77-1/4.

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.