TECHNICALS-CBOT soybeans biased to climb to $11.89-3/4

SINGAPORE, March 2 (Reuters) - The CBOT soybean May contract SK26 is biased to climb to $11.89-3/4 per bushel, as suggested by a projection analysis.

The contract has briefly pierced above the 238.2% projection level of $11.78-1/2. It is highly likely to extend gains to $11.89-3/4.

Condition is the market has to stay above a key support at $11.60-1/4, as a break below which could suggest the completion of a five-wave cycle from $10.51-1/4.

On the daily chart, a wave C has travelled above its 61.8% projection level of $11.67-1/2. It may extend to $11.95, the 76.4% level.

Signals will turn bearish once the market closes below $11.67-1/2 on Monday, as the behaviour would indicate a completion of the wave C.

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.