Tuesday, 04 August 2015 13:46
SINGAPORE: CBOT soybeans November contract has found a support at $ 9.30-3/4 per bushel and may approach a resistance at $ 9.52-3/4.
The support and the resistance are provided respectively by the 76.4 percent and the 61.8 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 contract’s failure to break the support indicates the completion of the wave C. Chances are the bounce from the Aug. 3 low of $ 9.26-1/4 may extend to $ 9.52-3/4. Only a drop below $ 9.26-1/4 could confirm the extension of the wave C towards $ 9.16, the 86.4 percent level.
