TECHNICALS-CBOT soybeans neutral in $13.04-1/2 to $13.17-1/4 range
SOYB•CBOT soybean November contract seen neutral in a tight range
The CBOT soybean November contract SX26 looks neutral in a range of $13.04-1/2 to $13.17-1/4 per bushel, and an escape could suggest a direction.
A break above $13.17-1/4 may lead to a gain into the $13.25-1/4 to $13.30 range. However, given the completion of a five-wave cycle from $12.16-1/4, the bias could be toward the downside.
A break below $13.04-1/2 may trigger a fall into the $12.92 to $12.96-3/4 range. On the daily chart, a projection analysis on the rise from $12.65-1/4 reveals a resistance of $13.19-1/4, the 114.6% level, which is strengthened by a similar one established by a channel.
The contract is biased to fall toward the lower channel.
