Markets
CBOT soybeans neutral, downside bias
SINGAPORE : CBOT soybeans November contract is technically neutral but is biased to fall towards the Aug. 12 low of $13.
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Volatility becomes low in a triangle which contracts to a point, signaling the dissipation of the bullish momentum.
Chances are high for the lower trendline of the pattern to be broken below, with a target of $13.26 to be established thereafter.
A rise above $13.55 would confirm the triangle to be bullish, and a target at $13.70 will be established.
No information in this analysis should be considered as being business, financial or legal advice. 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.
Copyright Reuters, 2011