TECHNICALS-CBOT soybeans may rise into $11.66-1/4 to $11.68-3/4 range

SINGAPORE, April 9 (Reuters) - The CBOT soybean May contract SK26 may edge up into a range of $11.66-1/4 to $11.68-3/4 per bushel, as pointed by a falling trendline.

The current bounce looks stronger than expected. It could be against the downtrend from $11.79-3/4, where a big wave C started.

Even though this wave could eventually extend to $11.22, its 61.8% level, the fall toward this level could be zigzagging. A break above $11.68-3/4 may lead to a gain into $11.72-1/4 to $11.74-1/4 range, while a break below $11.60 could be followed by a drop toward $11.57-3/4.

On the daily chart, the market managed to stabilise above a support at $11.45-1/4 again. The stabilisation suggests an extension of a wave b toward the recent high of $11.79-3/4.

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.