Tuesday, October 5, 2010

Soybeans Technicals from Reuters

SINGAPORE, Oct. 5 (Reuters) - The CBOT soybean November futures contract is technically neutral as it may develop a further rebound from the current level or resume the preceding fall.

A rise above the nearest resistance at $10.61-½   could trigger a further rebound to $10.70, while a fall below the nearest support at $10.41 could signal the resumption of the fall towards a support zone between 10.22-¾   and $10.25.

The bias is at the downside, as a head-and-shoulders pattern points to $10.22-3/4, and the minor rebound on Monday is deemed as a reaction to Friday's sharp fall.

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