SINGAPORE: The CBOT soybean November contract may bounce towards $13.95-3/4, as it has found a support at $13.60-3/4 per bushel.
The support seems to have triggered the second bounce towards $13.95-3/4.
It is not very clear yet how strong the bounce would be.
A strong bounce may extend to $14.38-3/4, while a weak one may end around $13.95-3/4.
A break below $13.60-3/4 could confirm the continuation of the downtrend towards $13.25-3/4.
On the hourly chart, the sideways move is well controlled by a set of projection levels on the downtrend from $14.88-3/4.
CBOT soybeans may test support at $13.65
The strong bounce triggered by the support at $13.56-1/4 suggests an extension of the consolidation from the Oct. 16 low of $13.50.
This reading agrees with the bullish signals on the daily chart.
A falling channel suggests a more conservative target of $13.85, only a break above which could indicate an extension of the bounce towards $13.96 to $14.13-3/4 range.