Thursday, 12 November 2015 13:43
SINGAPORE: CBOT soybeans may break a resistance at $ 8.60-1/2 per bushel and rise towards the next resistance at $ 8.67-1/4, as indicated by a Fibonacci retracement analysis.
These two resistances are provided respectively by the 14.6 percent and the 23.6 percent Fibonacci retracements on the downtrend from the Oct. 14 high of $ 9.23-1/2 to the Nov. 10 low of $ 8.50.
Wave pattern suggests the downtrend may have completed and will be further reversed. However, the target at $ 8.67-1/4 could only be confirmed when soybeans go above $ 8.62.
Support is at $ 8.55, the 7 percent level, a break below which could cause a loss to $ 8.50.
