CBOT soybeans may retest support at $12.74-3/4

SINGAPORE, Oct 5 (Reuters) - CBOT soybean November contract may retest a support at $12.74-3/4 per bushel, a break below could open the way 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 $12.82-3/4, a break above could lead to a gain into the $12.87-3/4 to $12.92-1/2 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 $12.53-1/4, as suggested by a retracement analysis and pointed by a rising channel.

The subsequent move remains unclear when the market falls to $12.53-1/4. It would probably bounce when dropping to this level.

* 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. ​