SINGAPORE: The CBOT soybean January contract may test a support at $12.43-1/4 per bushel, a break below could open the way towards the range of $12.19-1/4 to $12.28-1/2.
The contract narrowly missed a resistance at $12.67 on Tuesday.
The bounce towards this level could have more or less completed.
The contract may pull back towards the lower trendline, which points at a target of $12.28-1/2. A break above $12.67 could lead to a gain into $12.81-1/2 to $12.93-1/2 range.
On the daily chart, the black spinning top forming on Tuesday suggests a temporary dissipation of the bullish momentum.
A pullback towards $12.41-1/4 may have been triggered.
The uptrend is expected to resume towards $13.03, which is pointed by the upper channel, upon completion of the pullback.
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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