CBOT soybeans may extend gains into $13.09-1/2 to $13.17-1/4 range
SOYB•Support and resistance levels
The nearest support is at $12.96-3/4, a break below which may trigger a fall into the range of $12.84 to $12.92.
On the daily chart, a projection analysis on the rise from $12.65-1/4 reveals a strong resistance of $12.99-1/2, the 100% level.
Based on the general observation, this projection level often triggers a correction. However, there might be exceptions. Given that readings on the hourly chart do not suggest a correction, the market is assumed to overcome this barrier and rise further.
Soybean contract may rise further
SINGAPORE, Sept. 1 (Reuters) - The CBOT soybean November contract SX26 may extend gains into a range of $13.09-1/2 to $13.17-1/4 per bushel, as suggested by a projection analysis.
The contract has cleared a key resistance at $12.92, the 361.8% projection level of an uptrend from $11.71-1/2. Chances are it may climb to $13.17-1/4.
