TECHNICALS-CBOT soybeans may retest support at $11.40-3/4

SINGAPORE, April 8 (Reuters) - The CBOT soybean May contract SK26 may retest a support at $11.40-3/4 per bushel, as its fall is far from complete.

A wave C from $11.79-3/4 is driving the market down. A projection analysis on this wave suggests a target of $11.22, the 61.8% level.

Many small waves make up this wave C. The first small wave c seems to have completed its 161.8% projection level of $11.40-3/4. The completion resulted into a bounce or a pullback toward the trendline.

A break above $11.57-3/4 may lead to a gain into $11.60-1/4 to $11.63-1/2 range. On the daily chart, the market has pierced below a support at $11.45-1/4.

A close of the price below this level would confirm a break and a target of $11.22-3/4.

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.