Friday, October 15, 2010

Soybean Technicals from Reuters

SINGAPORE, Oct 15 (Reuters) - A bullish target at $12.26 per bushel for the CBOT soybean November futures contract <SX0> is unchanged, as it has stood above a consolidation channel between $11.50-¾   and $11.88-3/4.

The projected target is based on the price difference between the high and the low of the channel.

The wave pattern indicates a wave "5" is running up towards a more aggressive target at $12.80 in the medium term, as pointed by an ascending trendline, confirming the move towards $12.26 in short term.

Support has shifted up to $11.78 from the previous level of $11.70, and a break below would extend losses to $11.50-3/4, the low of the range.

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