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CBOT soybeans may extend gains into $13.27-1/4 to $13.34-1/2 range

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SINGAPORE, Dec 8 (Reuters) -The CBOT soybean January contract SF24 may extend gains into a range of $13.27-1/4 to $13.34-1/2 per bushel, as a wave c from $13.52 may have completed.

This is the third wave of a bigger wave C from $13.89-1/4. The multiple bullish divergences on the hourly RSI suggest a further gain from the current level.

However, the bigger wave C looks incomplete, as it may eventually travel to $12.73-1/2. The current outlook favours a scenario that the bounce would end in the target zone, followed by a resumption of the downtrend.

A break below $13.07-1/4 could be followed by a drop into $12.90-1/4 to $13.00-3/4 range. On the daily chart, a head-and-shoulders suggests a target $12.70-1/4, while a projection analysis on a wave C from $13.98-1/2 indicates a much lower target of $12.27-3/4, which is pointed by a falling channel.

The downtrend is presumed to be steady, and may continue upon the completion of the current bounce.

** Charts are unavailable in email received through "Alert". Key in news code TECH/C to view charts.

** 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.

Reporting by Wang Tao; Editing by Rashmi Aich

If you have a query or comment on this story, send an email to wang.tao@tr.com.

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