CBOT soybeans neutral with downside bias

SINGAPORE, Nov 13 (Reuters) - The CBOT soybean January contract looks neutral in a range of $12.24 to $12.36 per bushel, and an escape could suggest a direction.

A break above $12.36 may lead to a gain to $12.48-3/4. However, the bias might be toward the downside, as the correction from $12.36 looks incomplete.

The correction may consist of three waves that would make up a flat pattern. The current wave b is expected to end below $12.36, to be reversed by a wave c.

A break below $12.24 would confirm the wave c. 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 challenge is to determine when and where the sideways move ends. A rise to $12.38 will be considered a convincing signal of the resumed bounce.

* 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. ​