CBOT soybeans signals mixed

Signals are mixed for the CBOT soybean November contract SX26, following its failure to break a resistance at $13.32-1/2.

The failure indicates either an extended consolidation starting from the previous trading session's high of $13.32-1/4, or a shallow correction that might end above $13.13-3/4.

In either case, trending signals will become clearer when the market gets out of the range of $13.13-3/4 to $13.32-1/2. A break above $13.32-1/2 could trigger a gain into the $13.36-3/4 to $13.42-1/4 range.

On the daily chart, the contract faces a resistance at $13.31-3/4, the 123.6% projection level of a wave c from $11.65-1/4.

Although the projection analysis indicates a target range of $13.51-1/4 to $13.83-1/4, the market seems to have lost its momentum around $13.31-3/4. It may retrace toward $13 again.