Tuesday, 25 August 2015 10:45
SINGAPORE: CBOT soybeans November contract is expected to rise to $ 8.93-3/4 per bushel as it could have completed a five-wave cycle starting at the Aug. 10 high of $ 9.96-1/2.
The completion has been suggested by the strong recovery of the price from the Aug. 24 low of $ 8.55. A Fibonacci projection analysis reveals that the final wave of the cycle, wave v, ended around a support at $ 8.60-1/4, the 114.6 percent level.
The contract has managed to hover around a resistance at $ 8.77-3/4, it could be accumulating bullish momentum to climb towards the 86.4 percent level at $ 8.93-3/4.
A drop to $ 8.70 could be extended to $ 8.60-1/4.
