SINGAPORE, Oct. 4 (Reuters) - The CBOT soybean November futures contract could fall further, to $10.25 per bushel, which could slow the drop and trigger a sharp rebound.
Three horizontal support line drawn through the lows at 10.22-3/4, $10.25 and $10.33 together form a strong support zone to hold up the fall.
The decline on Friday could be too steep not to be followed by a rebound, which is unlikely before soybean reaches the support zone.
Resistance is at $10.50, a rise above which would extend the gain to $10.65, a resistance derived from an ascending trendline.
