CBOT soybeans may fall toward $12.66-1/2
SOYB•The November CBOT soybean contract may break support at $12.74-3/4 per bushel and fall toward $12.66-1/2, while a break below $12.48-1/2 could signal a decline toward $11.65-1/4.
1. Technical levels
The contract’s immediate resistance is at $12.79-3/4; a break above it could lead to a gain into the $12.82-3/4 to $12.87-3/4 range. On the daily chart, the current correction is expected to extend toward $12.48-1/2, as indicated by a rising channel. A break below that level would be a very bearish signal, with a possible fall toward $11.65-1/4.
