CBOT soybeans face resistance at $11.91-1/2

SINGAPORE: CBOT soybeans January contract faces a resistance at $11.91-1/2 per bushel and only a break above this level could trigger a rise to $11.99-1/4.

The resistance is the 38.2 percent Fibonacci retracement on the fall from $12.31-1/2 to $11.67, serving as a barrier to a higher target at $11.99-1/4, the 50 percent retracement.

For a valid break above the resistance, the contract needs to hover above it for at least two hours.

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Copyright Reuters, 2011