Monday, 03 August 2015 11:53
SINGAPORE: CBOT soybeans November contract is expected to test a support at $ 9.30-3/4 per bushel, a break below which could open the way towards the next support at $ 9.16.
These supports are provided respectively by the 76.4 percent and the 86.4 percent Fibonacci retracements on the rise from the June 15 low of $ 8.95-3/4 to the July 14 high of $ 10.45.
The rebound triggered by $ 9.30-3/4 has almost been reversed, signalling a continuation of the downtrend that started at $ 10.45. This trend may eventually reverse the uptrend from $ 8.95-3/4.
A rise to $ 9.40 may be extended to $ 9.50.
