Tuesday, October 12, 2010

Soybean Technicals from Reuters

SINGAPORE, Oct. 12 (Reuters) - The CBOT soybean November futures contract could return to Monday's high at $11.88-¾   per bushel as the uptrend is still intact.

An inverted head-and-shoulders pattern is forming on the ten-minute chart, a moderate gain above $11.70 would confirm the pattern and a bullish target at $11.88-¾   would be established.

Support is at $11.60, a fall below which would signal a continuation of the retracement and would open the way towards $11.50.

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