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CBOT soybeans may retest resistance at $12.33-1/2

By Reuters News

SINGAPORE, Nov 11 (Reuters) - The CBOT soybean January contract may retest a resistance at $12.33-1/2 per bushel, probably after a shallow correction to the support at $12.14-1/2.

The contract has broken a falling trendline. It might be experiencing a pullback toward this line. The pullback may end above the support at $12.14-1/2.

A break above $12.33-1/2 could open the way toward $12.48-3/4, while a break below $12.14-1/2 may trigger a fall to $12.02-3/4.

On the daily chart, the huge white candle during the previous trading session signals a reversal of the downtrend from $13.25-1/4 or $13.48-3/4.

If the current chart formation follows a symmetrical pattern, the market may bounce to around $12.67.

* 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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