CBOT soybeans may rise into $12.63-1/2 to $12.67-1/2 range

SINGAPORE, Oct 23 (Reuters) - The CBOT soybean November contract may break a resistance at $12.58-1/4 per bushel, and rise into the $12.63-1/2 to $12.67-1/2 range.

The resistance is identified as the 100% projection level of a wave c from $12.97-3/4. It triggered a shallow correction, which has been almost reversed.

The reversal signals an extension of the bounce from $12.35-3/4. Support is at $12.52-1/2, a break below which may trigger a fall into the $12.43 to $12.49 range.

On the daily chart, a hammer on October 21 has been confirmed by the white candle on October 22 as a bullish reversal pattern.

A retracement analysis on the uptrend from $11.65 indicates a target of $12.70-1/4.

* 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. ​