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CBOT soybeans may retest resistance at $8.86-1/2

CBOT soybeans may retest resistance at .86-1/2SINGAPORE: CBOT soybeans January contract may retest resistance at $ 8.86-1/2 per bushel, as it failed to break support at $ 8.75 again.

The failure suggests the formation of a double-bottom around $ 8.75, the 138.2 percent Fibonacci projection level of a wave c, which is the third wave of a three-wave cycle from the Oct. 14 high of $ 9.23-1/2.

A break above $ 8.86-1/2, the 100 percent level, could lead to a gain to the 86.4 percent level at $ 8.90-1/2. Support is at $ 8.79-1/2, the 123.6 percent level, a break below which could cause a loss to $ 8.75.

Copyright Reuters, 2015

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