SINGAPORE: The CBOT soybean November contract may break a support at $13.50-3/4 per bushel, and fall towards $13.27-3/4.
A powerful wave iii is unfolding towards a wide range of $12.67 to $13.27-3/4.
A bearish pennant suggests a target around $13.10. Further to these bearish indications, a retracement analysis reveals a break below the key support of $13.72-1/2.
The break significantly increases the chance of the price to return to $12.88-1/2.
A break above $13.65 could lead to a gain into $13.76-3/4 to $13.88-1/4 range.
On the daily chart, trending signal remains bearish.
CBOT soybeans may retest support at $13.65
The downtrend has been confirmed after the contract broke a support of $13.60-3/4.
The next support will be at $13.25-3/4, a break below which could open the way towards $12.82-3/4.
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