Technicals-CBOT soybeans may retest a support of $12.94-3/4

SINGAPORE, Sept. 14 (Reuters) - CBOT soybean November contract SX26 may retest a support of $12.94-3/4 per bushel, a break below could open the way toward $12.70.

A five-wave cycle from $11.65 is presumed to have completed at $13.35. A retracement analysis on the cycle reveals a wide target zone of $12.29-3/4 to $12.70, formed by the 61.8% and the 38.2% levels.

Resistance is at $13.05, a break above could lead to a gain into a range of $13.09-3/4 to $13.14-1/2. On the daily chart, a bearish engulfing pattern formed between September 10 and September 11, suggesting a reversal of the uptrend from $11.65.

A rising channel has been violated, based on which, a duplicated channel indicates a further slide to $12.81-1/4.