TECHNICALS — CBOT soybeans may retest resistance at $12.98 — 1/4

For more technical analysis, click TECH/C SINGAPORE, Oct 14 (Reuters) — The CBOT soybean November contract may retest a resistance at $12.98-1/4 per bushel, a break above which would open the way toward $13.01-3/4 to $13.04 range. Instead of falling toward the wave b low at $12.75, the market is trying to recover after dropping from $12.97-3/4. The recovery suggests an extension of the uptrend from $12.69-3/4. Support is at $12.86-3/4, a break below which may trigger a fall into $12.80-1/2 to $12.84 range. On the daily chart, the market seems reluctant to fall toward $12.53-1/4, as it remains around $12.84-1/2. It might be too early to conclude the uptrend from $11.20 would resume. The possibility does exist, if the contract keeps hovering around $12.84-1/2. Wang Tao is a Reuters market analyst for commodities and energy technicals. Views expressed are his own. His analyses are exclusively published on Workspace -- a platform provided by the London Stock Exchange. * 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