Friday, 13 November 2015 13:12
SINGAPORE: CBOT soybeans may drop to $ 8.55 per bushel as it has broken a support at $ 8.60-1/2.
The support was provided by the 14.6 Fibonacci retracement on the downtrend from the Oct. 14 high of $ 9.23-1/2 to the Nov. 10 low of $ 8.50. The next support will be at $ 8.55, the 7 percent level.
Signals will become mixed when soybeans drop to $ 8.55, as it may either keep falling towards $ 8.50 or rebound towards $ 8.60-1/2. A rise to $ 8.62 will signal an extension of the bounce from $ 8.50 towards $ 8.67-1/4, the 23.6 percent level.
