CBOT soybean signals mixed

By Reuters News

SINGAPORE, Sept 28 (Reuters) - Signals are mixed for the CBOT soybean November contract , as it is hard to classify the rise from $12.97-1/2 per bushel.

The rise could be either an extended pullback towards a wedge, which looks like a top pattern, or a continuation of the uptrend from $11.65-1/4.

An escape from the range of $12.97-1/2 to $13.22-3/4 would suggest a direction. The bias might be toward the downside, due to the completion of a five-wave cycle from $11.65-1/4.

* 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. ​

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