Technicals-CBOT soybeans may fall into $12.06-1/4 to $12.09-3/4 range
DBA•CBOT soybean November contract may ease toward lower range
The CBOT soybean November contract SX26 may fall into a range of $12.06-1/4 to $12.09-3/4 per bushel, following its failures to break a resistance at $12.25-1/2.
The failures suggest a completion of the bounce from $12.06-1/4, or the first round of the bounce. A small double-top formed around $12.25-1/2, suggesting a target of $12.09-3/4.
A break above $12.18 may lead to a gain to $12.25-1/2. On the daily chart, the sharp drop from $12.56-1/2 looks deep enough to suggest a reversal of the uptrend from $11.21-3/4.
Such a reversal would mean a further fall. The market found a temporary support at $12.09-1/4, which only triggered a very weak bounce.
A break below $12.09-1/4 may be followed by a deep fall to $11.75-3/4.
