SINGAPORE: CBOT soybean January contract may test a resistance at $12.34 per bushel, a break above which could lead to a gain into $12.42-1/2 to $12.47-1/2 range.

The resistance is identified as the 238.2% projection level of a wave 3 from $11.50-1/4. This wave is capable of travelling to $12.42-1/2.

Support is at $12.25-3/4, a break below which could cause a fall to $12.15-3/4.

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