SINGAPORE: The CBOT soybean November contract is expected to break a resistance at $12.33 and rise into a range of $12.43-1/2 to $12.54-1/4 per bushel.

The contract has moved into the upper channel, which was duplicated from the lower channel. A bullish target of $12.54-1/4 has been established.

Condition is, the contract has to maintain above a support at $12.24-3/4, as a break below which could cause a fall towards a range of $12.09-3/4 to $12.16.

Such a fall basically could wipe out the chance of a further rise towards $12.54-1/4.

On the daily chart, the contract faces a resistance at $12.40, the 76.4% projection level of a downward wave c from $14.23.

This wave may have completed around its 100% projection level of $11.83-1/2, as suggested by the consecutive gains over the past few days. Based on this observation, the contract could climb to $12.74-3/4.

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