Tuesday, 11 August 2015 15:11
SINGAPORE: CBOT soybeans November contract may break a support at $ 9.79-3/4 per bushel and fall more towards the next support at $ 9.69-1/2, as suggested by a Fibonacci retracement analysis.
The drop from the Aug. 10 high of $ 9.96-1/2 indicates the completion of a three-wave cycle that developed from the Aug. 3 low of $ 9.26-1/4. The Fibonacci retracement analysis on the cycle reveals an immediate support at $ 9.79-3/4, the 23.6 percent level, which temporarily blocks the way towards the 38.2 percent level at $ 9.69-1/2.
A bounce from the current level may be limited to $ 9.86, the 14.6 percent level.