A second leg of the downtrend would continue to drive soybeans to a 100 percent Fibonacci projection level, based on the length of the first leg of the fall on Monday.

Resistance is at $14.00, a break above which would extend to $14.21-3/4.

Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Copyright Reuters, 2011