Thursday, 20 August 2015 10:32
SINGAPORE: CBOT soybeans November contract is expected to fall to $ 8.77-3/4 per bushel as it has cleared a support at $ 8.93-3/4.
The support was provided by the 86.4 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. There will be no other supports to stop this wave until it travels to $ 8.77-3/4, the 100 percent level.
A sudden surge above $ 8.93-3/4, now a resistance, may signal the break below this former support was false, and the target at $ 8.77-3/4 has to be temporarily aborted.
