Soybean Technicals from Reuters

   

SINGAPORE, Oct. 12 (Reuters) - The CBOT soybean November futures contract could return to Monday's high at $11.88-¾   per bushel as the uptrend is still intact.

An inverted head-and-shoulders pattern is forming on the ten-minute chart, a moderate gain above $11.70 would confirm the pattern and a bullish target at $11.88-¾   would be established.

Support is at $11.60, a fall below which would signal a continuation of the retracement and would open the way towards $11.50.

CBOT soybeans to rebound to $11.20 per bushel

SINGAPORE, Sept 30 (Reuters) - CBOT soybean November futures could rise to $11.20 per bushel after completing a retracement that started from the Monday high at $11.44. 

The correction has penetrated into a strong support range between $10.72-½   and $10.89-1/4- the 50 percent and 38.2 percent Fibonacci retracement levels on the rise from $10.00-¾    to $11.44.

Soybeans are expected to eventually recover the fall by returning to $11.44. But before that, a rebound to $11.20 will be seen on Thursday.

 

A fall below the previous session low at $10.83-½   would be limited to $10.72-1/2.

REUTERS