TECHNICALS-CBOT soybeans neutral in $11.63-1/4 to $11.69-1/2 range

SINGAPORE, April 7 (Reuters) - The CBOT soybean May contract SK26 looks neutral in a range of $11.63-1/4 to $11.69-1/2 per bushel, and an escape could suggest a direction.

The market is undergoing a complex consolidation. A retracement analysis on the downtrend from $11.79-3/4 to $11.53 reveals a series of supports and resistances.

Currently, the market is stuck in a narrow range formed by the 38.2% and 61.8% levels. A break above $11.69-1/2 would lead to a gain into the $11.73-1/2 to $11.79-3/4 range, while a break below $11.63-1/4 could trigger a drop to $11.59-1/4.

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. The market tends to retest the support at $11.45-1/4. However, it is not very clear that the second wave, the wave b, has ended. This wave will be considered to have extended once the market closes above $11.67-1/4.

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.