SINGAPORE: The CBOT soybean November contract may retest a support at $12.98-1/2 per bushel, a break below which could cause a fall to $12.77-1/4.

The big drop on Monday confirms a completion of the bounce from the Aug. 20 low of $12.77-1/4 and a resumption of the downtrend from $14.18.

The low at $12.77-1/4 may be revisited soon. A small double-top forming around $13.36-3/4 has been confirmed, suggesting the same target.

Resistance is at $13.15-1/2, a break above which could lead to a gain to $13.36-3/4.

On the daily chart, a downward wave c from $14.18 has resumed towards $12.69-3/4.

This wave may either end around $12.69-3/4 or extend to $11.78-1/2. A falling channel suggests a further drop towards $11.78-1/2.

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