Thursday, 27 August 2015 11:30
SINGAPORE: CBOT soybeans November contract is expected to test a support at $ 8.60-1/4 per bushel, a break below which will lead to a loss to the next support at $ 8.49-1/2.
These supports are identified respectively as the 114.6 percent and the 123.6 percent Fibonacci projection levels of a downward wave C or wave 3 from the Aug. 10 high of $ 9.96-1/2.
Both of these waves are capable of travelling to $ 8.32-1/4, the 138.2 percent level, or $ 8.04-1/4, the 161.8 percent level. Resistance is at $ 8.77-3/4, the 100 percent projection level, a break above which could lead to a gain to $ 8.93-3/4, the 86.4 percent level.
