TECHNICALS — CBOT soybeans may test support at $13.07 — 1/4

For more technical analysis, click TECH/C SINGAPORE, Sept 18 (Reuters) — CBOT soybean November contract may test the support at $13.07-1/4 per bushel, a break below which could open the way toward $12.97-1/4 to $13.01-1/4 range. A retracement analysis on the rise from $12.91-3/4 to $13.32 reveals a break below the support at $13.12, the 50% level. The next support will be at $13.07-1/4. Given that the support at $13.12 caused a strong bounce, the support at $13.07-1/4 may trigger another one. The contract may fail to break the latter at its first attempt. A break above $13.12, now a resistance, may lead to a gain into $13.16-3/4 to $13.22-1/2 range. On the daily chart, the contract failed a few times to break a resistance at $13.31-3/4, the 123.6% projection level of a wave c from $11.65-1/4. The failures suggest the dissipation of the bullish momentum. The contract may retrace into the range of $12.81-1/2 to $13. 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 bu