Wednesday, 12 August 2015 10:34
SINGAPORE: CBOT soybeans November contract may fall to $ 9.53, as it has pierced below a support $ 9.61-1/4 per bushel.
The support was at the 50 percent Fibonacci retracement on the rise from the Aug. 3 low of $ 9.26-1/4 to the Aug. 10 high of $ 9.96-1/2. The next support will be at $ 9.53, the 61.8 percent level, a break below which will open the way towards the 76.4 percent level at $ 9.42-3/4.
Strategically, the target at $ 9.53 will be confirmed when soybeans drop below $ 9.60. A rise above $ 9.64 could be extended to $ 9.69-1/2, the 38.2 percent level.