Wednesday, October 13, 2010

Soybean Technicals from Reuters

SINGAPORE, Oct. 13 (Reuters) - The CBOT soybean November futures contract <SX0> is expected to break above Monday's high at $11.88-¾   per bushel and rise towards $12.26 thereafter.

A flat consolidation following a sharp rise is generally a continuation pattern before the establishment of a new rally, in the case of soybeans, so as long as it remains above $11.50-3/4, the bullish view would remain unchanged.

A fall below $11.50-¾   could confirm a double-top, and a further retracement to $11.13 will be likely, while a rise above $11.88-¾   would immediately open the way towards $12.26.

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