SINGAPORE: The CBOT soybean January contract may retest a resistance at $12.87-1/2 per bushel, a break above which could lead to a gain to $13.01-3/4.

The resistance triggered a pullback towards a falling trendline.

The pullback seems to have ended around a support at $12.65. The uptrend may have resumed.

A break below $12.65 could cause a fall to $12.50-3/4.

The current rise could be against the downtrend from $14.25. A retracement analysis reveals a deep piercing of the price above the 38.2% retracement of $12.74-1/4.

The contract is likely to extend its gains to $13.03.

On the daily chart, the contract is yet to fulfil its target of $13.00-3/4, which is pointed by a falling channel.

The shallow drop on Thursday could be regarded as a pullback towards the Oct. 27 high of $12.66-1/4.

A drop below the Thursday low of $12.65-1/4 may be extended to $12.37-1/2.

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