CBOT soybeans poised to fall toward $12.48-1/2 to $12.68 range
DBA•The CBOT November soybean contract is poised to break support at $12.81-1/2 per bushel and fall toward $12.48-1/2 to $12.68, though a break above immediate resistance at $12.86-1/4 could trigger a gain.
1. Support and downside levels
The November soybean contract is poised to break support at $12.81-1/2 per bushel and fall toward $12.48-1/2 to $12.68. The brief bounce from support ended with a shooting star on Wednesday, and the bounce is classified as a pullback toward a wedge described as a top pattern.
2. Resistance scenario
The current correction is expected to match the degree of the one from $12.44-1/2, extending toward $12.48-1/2. Hourly-chart analysis shows immediate resistance at $12.86-1/4; a break could trigger a gain into the $12.90-3/4 to $12.97-3/4 range.
