CBOT soybeans may fall into $12.92 to $12.96-3/4 range
DBA•Soybean November contract may break support
SINGAPORE, Sept 10 (Reuters) - CBOT soybean November contract SX26 may break a support at $13.04-1/2 per bushel, and fall into the $12.92 to $12.96-3/4 range.
The contract failed multiple times to break a strong resistance at $13.17-1/4. The failures confirm a dissipation of the bullish momentum.
The consolidation within the range of $13.04-1/2 to $13.17-1/4 may turn out to be a part of a correction from $13.24, which consists of three waves.
The downward wave C is unfolding toward $12.92. A break above the immediate resistance at $13.09-1/2 could lead to a gain to $13.17-1/4.
On the daily chart, a projection analysis on the uptrend from $11.65 reveals a similar resistance at $13.19-1/4. Given that the market has fallen below a rising channel, a correction toward $12.81-1/2 looks likely.
