TECHNICALS-CBOT July soybeans may rise into $12.16-1/2 to $12.20-1/4 range

SINGAPORE, May 4 (Reuters) - The CBOT July soybeans SN26 may break a resistance at $12.10-1/4 per bushel and rise into $12.16-1/2 to $12.20-1/4 range.

Identified as the 86.4% projection level of a wave C from $11.67-3/4, the resistance only triggered a very shallow correction, which seems to end around $12.04-1/2.

Based on a bullish wedge, the wave c may extend toward $12.26-1/2. A break below $12.04-1/2 may trigger a fall into $11.94 to $12.00-1/4 range.

On the daily chart, a retracement analysis on the uptrend from $10.64-3/4 reveals a resistance at $12.06-3/4, the 23.6% level, which appears to have been broken.

The break opened the way toward $12.23-1/2 to $12.37-3/4 range.

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.