Thursday, October 14, 2010

Soybean Technicals from Reuters

SINGAPORE, Oct. 14 (Reuters) - The CBOT soybean November futures contract <SX0> is expected to rise towards $12.26 per bushel as per its wave pattern and a range between $11.50-¾    and $11.88-3/4.

A wave "5" is progressing towards a medium-term target at $12.80, as pointed by an ascending trendline, while a conservative $12.26 level is considered as a 24-hour target.

Support is at $11.70, a break below which would trigger a further retracement to $11.50-3/4, the low of the range.

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