TECHNICALS — CBOT soybeans may test support at $12.58 — 1/4

For more technical analysis, click TECH/C SINGAPORE, Oct 16 (Reuters) — The CBOT soybean November contract may test a support at $12.58-1/4 per bushel, a break below which may trigger a fall into the $12.49 to $12.52-1/2 range. A wave c from $12.97-1/2 has travelled below its 86.4% projection level of $12.63-1/2. It is highly likely to extend to $12.58-1/4, the 100% level. A break above $12.63-1/2 could trigger a gain into the $12.67-1/2 to $12.73-1/4 range. On the daily chart, the contract fell below a rising channel. A duplicated channel indicates an aggressive target of $11.71, which is also suggested by the wave theory, as the bottom of a wave b is at $12.65-1/4, near $11.71. 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 the products mentioned in the analyses. ​ sx tech (Reporting by Wang Tao; Editin