SINGAPORE, Jan 28 (Reuters) - The CBOT soybean March contract SH25 is poised to break support at $10.40-1/2 per bushel and fall into $10.26-1/4 to $10.32 range.
The consolidation above the support has been mainly confined within a range of $10.40-1/2 to $10.47-1/2. It is being shaped into a small triangle, which looks like a bearish continuation pattern.
A break below $10.40-1/2 would confirm the pattern and a target of $10.32. Only a break above $10.54-1/4 could suggest the completion of the correction from $10.76-1/2.
On the daily chart, the contract has fallen below a rising channel. A duplicated channel points at a target of $10.05-1/2. Strategically, the target will be available when market breaks $10.41-1/2.
