Tuesday, 03 November 2015 12:53
SINGAPORE: CBOT soybeans January contract may fall further to a support at $ 8.75 per bushel, as it could have resumed its downtrend from the Oct. 22 high of $ 9.16.
The trend has been driven by a wave c, the third wave of a three-wave cycle from the Oct. 14 high of $ 9.23-1/2. This wave was disrupted by a bounce caused by the 138.2 percent Fibonacci projection level at $ 8.75.
With the bounce having almost been reversed, the wave c could have resumed towards $ 8.68-1/4, the 161.8 percent level. Resistance is at $ 8.82, the 114.6 percent level, a break above which may lead to a gain to $ 8.86-1/2, the 100 percent level.