CBOT soybeans may retest resistance $13.28-3/4
DBA•Soybean contract may retest resistance
SINGAPORE, Sept 22 (Reuters) - CBOT soybean November contract SX26 may retest a resistance of $13.28-3/4 per bushel, a break above which may lead to a gain into the $13.32-1/2 to $13.35 range.
A small wave 3 from $13.06-1/2 looks incomplete, which is expected to travel to $13.32-1/2, its 161.8% projection level. The market is experiencing a correction, the depth of which remains unknown.
The correction may extend to $13.18-3/4, if it turns out to be the same degree as the one from $13.16, as indicated by a rising channel. A shallow correction may end anywhere above $13.18-3/4.
