Technicals-CBOT soybeans may retest resistance at $12.71-1/4

SINGAPORE, Aug 27 (Reuters) - The CBOT soybean November contract SX26 may retest resistance at $12.71-1/4 per bushel, a break above which may lead to a gain into $12.76-1/4 to $12.84 range.

The market has climbed above a key barrier at $12.58-3/4, the 261.8% projection level of an uptrend from $11.71-1/2. This projection level is one of the possible peaks of the trend.

Given that the trend reversal did not occur around $12.58-3/4, the market may extend gains to $12.84. Support is at $12.54-3/4, a break below which may trigger a fall into the $12.46 to $12.50-3/4 range.

On the daily chart, a projection analysis on the rise from $12.65-1/4 reveals a target of $12.99-1/2, the 100% level, as the market has climbed far above the 61.8% level of $12.48-1/4.

Strategically, the target will be confirmed when the market breaks $12.67-3/4.