SINGAPORE: CBOT soybean November contract looks neutral in a range of $14.32-1/2 to $14.56-1/4 per bushel, and an escape could suggest a direction.
A break above $14.56-1/4 could lead to a gain to $14.79-3/4, while a break below $14.32-1/2 may cause a fall to $14.03-1/4.
The nature of the rise from $13.56 remains unclear.
It could be a strong bounce against the fall from the July 29 high of $14.89, or a continuation of the uptrend from $12.88-1/2.
The clear part is the rise closely observes a set of projection levels on a presumed wave C from $13.56.
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On the daily chart, a retracement analysis on the uptrend from $8.40 to $15.84-3/4 suggests an upside bias, as the contract has surged far above a resistance at $14.08-3/4.
It could be heading towards the next resistance of $14.76.
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