Technicals-CBOT soybeans may retest support at $12.92-3/4

SINGAPORE, Sept. 15 (Reuters) - CBOT soybean November contract SX26 may break a support of $12.92-3/4 per bushel and fall toward the $12.71-3/4 to $12.82-3/4 range.

The fall from $13.35-1/2 consists of three waves. The current wave c is expected to travel into a range of $12.66 to $12.82-1/2, formed by its 100% and the 61.8% projection levels.

Resistance is at $13.03-1/4; a break above may lead to a gain into the $13.10-3/4 to $13.23-1/2 range. On the daily chart, a bearish engulfing pattern formed between Sept. 10 and Sept. 11, suggesting a reversal of the uptrend from $11.65.

The bounce triggered by the support at $12.99-1/2 looks weak and moderate, overpowered by the big black candle on Sept. 11. A further drop to $12.81-1/4 is highly likely.