CBOT soybeans neutral in $13.04-1/2 to $13.17-1/4 range

CBOT soybean November contract SX26 looks neutral in a range of $13.04-1/2 to $13.17-1/4 per bushel, and an escape could suggest a direction.

The contract failed a few times to break the resistance at $13.17-1/4. The failures are interpreted as a bearish sign that a top might be forming.

However, the top will only be confirmed when the contract breaks $13.04-1/2. Such a break will open the way toward the $12.92 to $12.96-3/4 range.

A break above $13.17-1/4 will lead to a gain into the $13.25-1/4 to $13.30 range. On the daily chart, a hanging man on Sept. 3 was followed by a black candle on Sept. 4.

Together, they suggest weakness in the market and a possible fall toward $12.99-1/2.