SINGAPORE: The CBOT soybean November contract may test a support at $12.78-1/4 per bushel, a break below could open the way towards $12.07-1/2 to $12.51-1/4 range.
A wedge has been confirmed, signalling a target of $12.51-1/4. Once the contract drops to this level, it is likely to extend loss towards $12.07-1/2, as indicated by the Fibonacci projection analysis.
Resistance is at $13.09-1/4, a break above could lead to a gain into $13.22-1/4 to $13.47-1/4 range.
On the daily chart, a pennant has been confirmed, suggesting a much lower target of $11.24-1/4.
CBOT soybeans neutral in $13.66 to $13.93 range
A realistic target will be $12.12-1/4. Both the former supports at $14.08-3/4 and $13.00-1/4 worked effectively.
The support at $12.12-1/4 is expected to stop the fall and trigger a bounce as well.
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