Technicals-CBOT soybeans may fall into $12.11-1/4 to $12.15-3/4 range

SINGAPORE, July 21 (Reuters) - The CBOT soybean November contract SX26 may break a support at $12.20 per bushel and fall into the $12.11-1/4 to $12.15-3/4 range.

After surging far above a rising wedge, the market is yet to experience a pullback. The resistance at $12.28-1/2 may have triggered such a pullback.

Immediate resistance is at $12.25-1/4, a break above which could lead to a gain into the $12.28-3/4 to $12.33-3/4 range. On the daily chart, the market has surpassed its May 13 high of $12.14.

The uptrend has been confirmed. A projection analysis suggests an extension of the trend toward the $12.50 to $12.66-3/4 range.

Due to the resistance at $12.29-1/2, the market may consolidate for one or two days before resuming its rally.