Tuesday, 18 August 2015 10:54
SINGAPORE: CBOT soybeans November contract looks neutral in a range of $ 9.12-1/4 to $ 9.23 per bushel, and an escape will point a direction.
The range is formed by the 14.6 percent Fibonacci retracement on the fall from the Aug. 12 high of $ 9.76 to the Aug. 12 low of $ 9.01-1/2 and the 61.8 percent Fibonacci projection level of a downward wave c, the third wave of a three-wave cycle that developed from the July 14 high of $ 10.45.
A break below $ 9.12-1/4 will cause a loss to $ 9.01-1/2, while a rise above $ 9.23 will be extended to $ 9.29-3/4, the 38.2 percent retracement.
