CBOT soybeans may fall into $12.86-1/4 to $12.90-3/4 range
DBA•The November CBOT soybean contract may fall to $12.86-1/4 to $12.90-3/4 per bushel after failing to break resistance at $13.03-1/2.
1. Resistance limits rebound
The November CBOT soybean contract may fall into a range of $12.86-1/4 to $12.90-3/4 per bushel after failing to break resistance at $13.03-1/2. The bounce from $12.79-1/4 appears to be a counter-move against the decline from $13.27-1/2, with the 23.6% and 50% retracements holding.
2. Upside levels
A break above $13.03-1/2 may lead to a gain into the $13.09-1/4 to $13.16-1/4 range. On the daily chart, the bounce looks like a pullback toward $13 or a wedge, and an extension may be limited to $13.19-1/2.
