SINGAPORE: The CBOT soybean November contract may retest a resistance at $10.42-1/4 per bushel, a break above which could lead to a gain into $10.50-1/4 to $10.63 range.
The resistance is identified as the 261.8pc projection level of an uptrend from $9.01.
It triggered a deep correction which has been almost reversed.
The strong surge on Wednesday confirmed a continuation of the uptrend.
Driven by a wave (5), this trend may extend high above $10.42-1/4.
Support is at $10.21-1/2, a break below which could cause a fall to $10.09.
On the daily chart, another projection analysis reveals a target zone of $10.59-1/4 to $10.78-1/2, formed by the 238.2pc and 261.8pc projection level of an upward wave C from $8.65-1/4.
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