SINGAPORE, Nov 20 (Reuters) -The CBOT soybean January contract SF25 may fall into a range of $9.86-1/4 to $9.90-1/4 per bushel, as a bounce triggered by the support at $9.86-1/4 has completed.
The contract may retrace to either the bottom of the wave b around $9.90-1/4 or the starting point of the wave a, around $9.86-1/4.
Resistance is at $9.96-1/2, a break above which could open the way towards $10.02-3/4 to $10.05-1/2 range. On the daily chart, signals look neutral as the market is stuck in a range of $9.83-1/2 to $10.27-3/4.
The bias seems to be towards the downside. A break below $9.83-1/2 will not only trigger a drop towards $9.39-1/2 but also confirm a bearish wedge which suggests a lower target around $8.80.
