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Sunday, November 28, 2021

CBOT soybeans neutral in $9.12-1/4 to $9.23 range

CBOT soybeans neutral in .12-1/4 to .23 rangeSINGAPORE: CBOT soybeans November contract looks neutral in a range of $ 9.12-1/4 to $ 9.23 per bushel, and an escape will point a direction.

The range is formed by the 14.6 percent Fibonacci retracement on the fall from the Aug. 12 high of $ 9.76 to the Aug. 12 low of $ 9.01-1/2 and the 61.8 percent Fibonacci projection level of a downward wave c, the third wave of a three-wave cycle that developed from the July 14 high of $ 10.45.

A break below $ 9.12-1/4 will cause a loss to $ 9.01-1/2, while a rise above $ 9.23 will be extended to $ 9.29-3/4, the 38.2 percent retracement.

Copyright Reuters, 2015

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