CBOT soybeans may retrace to $12.87
SOYB•The CBOT November soybean contract may retrace to $12.87 per bushel after failing to break resistance at $13.09-1/4 and falling below support at $12.95-1/2.
1. Technical levels
The contract may test support at $12.87 after breaking below $12.95-1/2. Immediate resistance is at $12.93-1/4; a break above it may lead to a move into the $12.95-1/2 to $12.97 range.
2. Daily chart outlook
A false break above daily-chart resistance at $13.01-1/4 is likely to be followed by a drop toward $12.81-3/4.
