CBOT soybeans could revisit support near $12.76 per bushel

what happened

Newsmetry API reports that the CBOT November soybean contract (SX26) could retest support at $12.76 per bushel, as the decline that began at $13.09 appears to have resumed. The technical pattern points to a possible move toward $12.65-1/4, the 138.2% projection of wave c from $12.99-1/4. The contract had briefly moved below $12.71, the 114.6% level.

That wave is considered complete, but the latest decline continues to track the sequence of projection levels closely. Before another test of support, the market could stage a moderate rebound toward $12.80-1/2 to $12.81-1/2. On the daily chart, the contract seems to have fallen through $12.84-1/2 support, leaving $12.53-1/4 as the next level indicated by the analysis.

Wang Tao is a Reuters market analyst covering commodity and energy technicals. His views are his own, and his analyses are published exclusively on Workspace, a platform provided by the London Stock Exchange. The material is not business, financial or legal advice; readers should consult their own professional advisers.

why it matters

The cited support, projection and rebound levels frame the technical setup for the November soybean contract and are the key markers in the reported analysis.

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