SINGAPORE: The CBOT soybean January contract may test a support at $12.43-1/4 per bushel, a break below could open the way towards the range of $12.19-1/4 to $12.28-1/2.

The contract narrowly missed a resistance at $12.67 on Tuesday.

The bounce towards this level could have more or less completed.

The contract may pull back towards the lower trendline, which points at a target of $12.28-1/2. A break above $12.67 could lead to a gain into $12.81-1/2 to $12.93-1/2 range.

On the daily chart, the black spinning top forming on Tuesday suggests a temporary dissipation of the bullish momentum.

A pullback towards $12.41-1/4 may have been triggered.

The uptrend is expected to resume towards $13.03, which is pointed by the upper channel, upon completion of the pullback.

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