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Wednesday, August 17, 2022

CBOT soybeans may fall to $9.69-1/2

CBOT soybeans may fall to .69-1/2SINGAPORE: 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.

Copyright Reuters, 2015

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