Friday, 04 September 2015 11:24
SINGAPORE: CBOT soybeans November contract still targets its Aug. 24 low of $ 8.55 per bushel, as indicated by a wedge and a Fibonacci retracement analysis.
The pattern formed between Aug. 24 and Sept. 1 and has been confirmed, suggesting a target at $ 8.55. However, this target could only be available when soybeans drop below a support at $ 8.65, the 7 percent Fibonacci retracement on the fall from the Aug. 10 high of $ 9.96-1/2 to $ 8.55.
Resistance is at $ 8.75-1/2, the 14.6 percent level, a break above which could lead to a gain to $ 8.88-1/2, the 23.6 percent level.
