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SINGAPORE: The CBOT soybean November contract may test a resistance at $14.71-1/2 per bushel, a break above could open the way towards $15.01-1/2 to $15.14-3/4 range.

The contract has stabilized around a falling trendline and a support at $14.36-1/2.

The stabilization, along with the rise from the Sept. 16 low of $14.33-3/4, suggests both a completion of the correction and a continuation of the uptrend.

Indeed, the correction could be categorized as a pullback towards the trendline.

The focus is on whether the contract could break $14.71-1/2 and rise more.

China Aug soybean imports plunge 25% on year

A failure to overcome this barrier may be followed by a drop towards $14.36-1/2.

On the daily chart, the contract managed to stabilize around a support of $14.36-1/2.

Even though the contract is likely to retest the resistance at $14.71-1/2, trending signals will become clearer when it gets out of a neutral range of $14.36-1/2 to $14.71-1/2.

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