CBOT soybeans may retest support at $12.74-3/4
SOYB•The CBOT soybean November contract may retest support at $12.74-3/4 per bushel; a break below could open the way toward $12.66-1/2. Immediate resistance is at $12.82-3/4, with a break above potentially leading to $12.87-3/4 to $12.92-1/2.
1. Technical levels
The November soybean contract may retest support at $12.74-3/4 per bushel. A break below could open the way toward $12.66-1/2, while a break above immediate resistance at $12.82-3/4 could lead to a gain into the $12.87-3/4 to $12.92-1/2 range.
2. Daily chart outlook
The current correction is expected to match the degree of the one from $12.44-1/2 and extend toward $12.53-1/4, based on a retracement analysis and rising channel. The subsequent move remains unclear, though the contract would probably bounce if it falls to $12.53-1/4.
