Technicals-CBOT soybeans may rise into $11.99-3/4 to $12.05-1/2 range

The CBOT soybean November contract SX26 may break a resistance at $11.93-3/4 per bushel and rise into $11.99-3/4 to $12.05-1/2 range.

The current bounce observes a series of retracements of the downtrend from $12.56-1/2 to $11.65-1/4 and a set of projection levels on the downtrend from $12.24-3/4.

Given that the market has broken $11.86-3/4, the 23.6% retracement, it is likely to extend gains to $12, the 38.2% level.

The 61.8% projection level of $11.93-3/4 serves as an immediate resistance, temporarily blocking the way toward $11.99-3/4.

Support is at $11.86-1/4, a break below which may trigger a fall into $11.78-1/2 to $11.81-1/4 range. On the daily chart, the market has broken resistance at $11.89-3/4. The break opened the way toward $12.05-3/4 to $12.09-3/4 range.