Tuesday, 31 March 2015 11:27
SINGAPORE: CBOT soybeans May contract may break a support at $ 9.66 per bushel and fall more to $ 9.53-1/2, as indicated by a Fibonacci retracement analysis.
The support is provided by the 14.6 percent Fibonacci retracement on the fall from the March 2 high of $ 10.39 to the March 17 low of $ 9.53-1/2. It triggered a brief rebound which has ended around a resistance at $ 9.73-3/4, the 23.6 percent level.
A drop to $ 9.64-1/2 could confirm a break below the support and the $ 9.53-1/2 level will be targeted accordingly. An extension of the rebound could be limited to $ 9.73-3/4, as the fall from the March 23 high of $ 9.90 is regarded as a continuation of the preceding downtrend from $ 10.39.
Copyright Reuters, 2015
