CBOT soybeans may retrace toward $12.14-1/2
SINGAPORE, Nov 12 (Reuters) - The CBOT soybean January contract may retrace toward $12.14-1/2, following its failure to break a resistance at $12.33-1/2 per bushel.
The failure strongly suggests a completion of the bounce from $11.84, or the first round of this bounce. A retracement analysis on the downtrend from $13.13-3/4 indicates a fall toward the support at $12.14-1/2, the 23.6% level.
A break above $12.33-1/2, which looks unlikely on Thursday, may lead to a gain into the $12.48-3/4 to $12.64 range.
On the daily chart, the current chart formation is presumed to be adopting a symmetrical pattern, which indicates a further rise toward $12.67.
The spinning top on Wednesday symbolizes a completion of the first bounce. The rise may resume upon the completion of the correction.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. Views expressed are his own. His analyses are exclusively published on Workspace -- a platform provided by the London Stock Exchange.
** No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.