Friday, October 1, 2010

Soybeans Technicals from Reuters

 SINGAPORE, Oct 1 (Reuters) - CBOT November soybean futures <SX0> have turned technically neutral as a consolidation range is seen between $10.81 and $11.10 per bushel.

The range could develop into a double bottom, pointing to $11.37, or a double top, to indicate a further drop towards a bearish target at $10.56.

Resistance is at $11.11, a break above which would confirm the bullish double-bottom pattern. Support is at $10.79, a fall below which would confirm a double top. 

The bias is still with the bulls, as the support at $10.79-1/2, the wave "4" trough, could be strong enough to hold up the fall and trigger a strong rebound.

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