CBOT soybeans may fall toward $12.66-1/2

SINGAPORE, Oct 2 (Reuters) - CBOT soybean November contract may break a support at $12.74-3/4 per bushel and fall toward $12.66-1/2.

The support is identified as the 138.2% projection level of a wave c from $13.22. The projection analysis suggests an extension of this wave toward the 161.8% level of $12.66-1/2.

Immediate resistance is at $12.79-3/4, a break above which could lead to a gain into $12.82-3/4 to $12.87-3/4 range.

On the daily chart, the current correction is expected to be the same degree as the one from $12.44-1/2, extending toward $12.48-1/2, as pointed by a rising channel.

A break below $12.48-1/2 will be a very bearish signal that the market may fall toward $11.65-1/4, the bottom of a wave b.

* 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. ​