CBOT soybeans may retrace into $11.89 to $11.92-1/2 range
SOYB•Soybean November contract may retrace after repeated resistance failures
SINGAPORE, July 16 (Reuters) - The CBOT soybean November contract SX26 may retrace into a range of $11.89 to $11.92-1/2 per bushel, as it failed again to break a resistance zone of $12.02-3/4 to $12.06.
The gain during the previous trading session could hardly be classified. However, it might be very limited, given that the contract failed three times to break the resistance zone, since its first attempt on July 8.
Each failure was followed by a drop. The same pattern may appear. A break above $12.02-3/4 may lead to a rise into $12.06 to $12.11-1/4 range.
On the daily chart, despite the rise on Wednesday, the basic wave count remains unchanged. A three-wave cycle from $12.13-1/2 has not completed, with the wave c unfolding toward the bottom of the wave a around $11.25.
This wave count will be revised only when the market climbs above $12.13-1/2.
