Wednesday, 05 August 2015 13:04
SINGAPORE: CBOT soybeans November contract is expected to test a resistance at $ 9.52-3/4 per bushel, a break above which will open the way towards the next resistance at $ 9.70-1/4.
The first resistance is provided by the 61.8 percent Fibonacci retracement on the rise from the June 15 low of $ 8.95-3/4 to the July 14 high of $ 10.45, blocking the way towards the next resistance at $ 9.70-1/4, the 50 percent level.
Strategically, the contract needs to stand firm above $ 9.52-3/4 to confirm a valid break above this level. A drop below $ 9.39 could be extended to $ 9.30-3/4, the 76.4 percent level.
