SINGAPORE: Signals are mixed for CBOT soybean November contract, as it is stuck in a neutral range of $13.52-1/4 to $13.64-3/4.
The nature of the rise from $13.32 remains unknown. It could be a resumption of the uptrend from the June 17 low of $12.40-1/2, or a bounce against the drop from $14.18.
Complicating the signals is the current sideways move, which offers little clue of where the contract is going. A break above $13.64-3/4 could lead to a gain into $13.75-$13.85 range.
Such a gain could indicate the continuation of the uptrend. A break below $13.52-1/4 could open the way towards $13.32. On the daily chart, a retracement analysis reveals a bigger neutral zone from $13.33-1/2 to $13.89-1/2.
Signals will become clearer when the contract gets out of the zone.
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