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.
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.
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