TECHNICALS-CBOT soybeans may retest support at $11.58

SINGAPORE, April 6 (Reuters) - The CBOT soybean May contract SK26 may retest a support at $11.58 per bushel, a break below which could open the way toward $11.48-1/4 to $11.52-3/4 range.

The consolidation over the past week has been confined within a rising channel. While the market is testing the lower channel line, it has a better chance of falling below the channel.

Resistance is at $11.66-3/4, a break above which may lead to a gain into the $11.71-3/4 to $11.75-1/4 range. On the daily chart, a wave C from $10.50-1/2 seems to have completed around a resistance at $12.39-3/4, its 100% projection level.

The subsequent correction may consist of three waves. Even though it is not very clear that the second wave, the wave b, has ended, the market tends to retest the support at $11.45-1/4.

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.