TECHNICALS-CBOT soybeans to retest support at $10.07-3/4

SINGAPORE, April 3 (Reuters) - The CBOT soybean May contract SK25 is expected to retest support at $10.07-3/4 per bushel, as a three-wave cycle from $9.90-3/4 may have completed.

The completion has been confirmed by the deep fall on April 3. Even though this fall was triggered by the news, it is so deep that it has violated the uptrend.

The bounce triggered by the support at $10.07-3/4 is classified as a pullback toward a rising trendline. A break above $10.18 may lead to a gain to $10.24-1/2.

* 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.