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Wednesday, March 22, 2023

CBOT soybeans target $8.49-1/2

CBOT soybeans target .49-1/2SINGAPORE: A bearish target at $ 8.49-1/2 per bushel has been established for CBOT soybeans January contract, as it has broken a support at $ 8.77-3/4.

The support was provided by the 23.6 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle from the July 14 high of $ 10.50-1/4.

The next support will be at $ 8.49-1/2, the 38.2 percent level, which might be reached very soon, based on the speed of the fall on Nov. 5. A bounce from the current level could be limited to $ 8.71-1/2, about 38.2 percent retracement of the fall.

Copyright Reuters, 2015

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