SINGAPORE: The CBOT soybean November contract may break a support at $13.93-1/2 per bushel, and fall into $13.67-1/4 to $13.77-1/4 range.
The rise from the June 24 low of $13.99-1/4 has been totally reversed.
The reversal confirmed a continuation of the downtrend from the June 9 high of $15.84-3/4. The trend closely observes a set of projection levels on the fall from $15.56-3/4.
The contract has briefly pierced below the 138.2% level of $13.93-1/2.
Chances are it may extend to $13.77-1/4. A bounce from the current level may be limited to $14.09-1/2.
Soyabean futures ease, a day after nearing record high
On the daily chart, the current deep fall is against the five-wave cycle from $8.40.
A retracement analysis reveals a break below the support at $14.08-1/2.
The contract may fall towards the next support at $12.99-3/4.