SINGAPORE: The CBOT soybean November contract may break a support at $12.09-3/4 per bushel, and fall into $11.95 to $12.02-3/4 range.

The bounce from the Oct. 13 low of $11.84-1/2 may have completed around a resistance at $12.22-1/2. The completion is suggested by the failure of the contract to go above a falling channel.

Over the next few days, the contract may fall towards this low.

A realistic target could be either $12.02-3/4 or $11.95.

Soybeans fall on ample global supplies

A break above $12.22-1/2 will not only lead to a gain to $13.33, but also open the way towards a higher target of $12.54-1/4, which is pointed by the upper channel.

On the daily chart, the bounce towards $12.30-1/4 may end prematurely, based on the signals on the hourly chart.

The focus is on a wave c, which may end around its 100% projection level of $11.83-1/2 or extend to $10.92.

Simply based on the weakness of the bounce, the wave c does not seem to be over.

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. **

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