The CBOT soybean November contract (SX26) may fall into a range of $11.38 3/4 to $11.44 per bushel, following its failures to break a resistance at $11.58 1/4.
The failures suggest the formation of a double-top and completion of a bounce from $11.30. The market may fall toward $11.38-3/4, as indicated by the double-top.
A break above $11.52 3/4 may lead to a gain at $11.58 1/4.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. Views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.
** 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.