Technicals-CBOT soybeans may retrace into $12.30-1/4 to $12.33-1/2 range
DBA•CBOT soybean November contract may retrace
SINGAPORE, Aug 26 (Reuters) - The CBOT soybean November contract SX26 may retrace into a range of $12.30-1/4 to $12.33-1/2 per bushel, as it faces a resistance at $12.43.
The market experienced a decent correction when it failed to overcome this barrier at its first attempt on August 20. It is possible that a shallower correction occurs around this resistance.
A break above $12.43 may lead to a gain into the zone of $12.46 to $12.50-3/4. On the daily chart, a rising trendline points at a target range of $11.89-3/4 to $12.05-3/4.
A bullish piercing pattern formed between August 24 and August 25, contradicting the bearish indication of a trendline. As long as the market stays below $12.47-1/2, the overall picture may remain bearish.
