CBOT soybeans to fall to $8.93-3/4

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SINGAPORE: CBOT soybeans November contract is expected to fall to $ 8.93-3/4 per bushel, as it has cleared a support at $ 9.05-3/4.

The support was provided by the 76.4 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.

The next support will be at $ 8.93-3/4, the 86.4 percent level, a break below which could lead to a loss to the 100 percent level at $ 8.77-3/4. A surge above $ 9.05-3/4, now a resistance, may lead to a limited gain to $ 9.10.