Technicals-CBOT soybeans may rise into $13.04-1/2 to $13.09-1/2 range
SOYB•Possible downside if support breaks
A projection analysis on the rise from $11.71-1/2 reveals a few possible targets. A break below $12.84 may trigger a fall toward $12.71-1/4 to $12.79-1/4 range.
Daily chart points to $12.99-1/2 barrier
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 86.4% level of $12.81-1/4.
It remains unknown whether the market is able to break $12.99-1/2 and surge higher. Generally, the 100% projection level works as a strong barrier, likely to cause a correction.
A break may open the way toward $13.19-1/4 to $13.31-1/4 range.
Soybean November contract could test higher resistance
The CBOT soybean November contract SX26 may break a resistance at $12.92 per bushel, and rise into the $13.04-1/2 to $13.09-1/2 range.
