SINGAPORE: The CBOT soybean November contract may break a resistance at $12.85-1/4 per bushel and rise into $12.92-1/4 to $12.98-1/2 range.
The downtrend has been developing within a falling wedge, the lower trendline of which provides a strong support. The contract could be bouncing towards the upper trendline.
Immediate Support is at $12.77-1/2, a break below which could cause a fall into the $12.64-3/4 to $12.71 range.
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