SINGAPORE: CBOT March soybeans will fall to $12.14 per bushel, the 50 percent Fibonacci retracement on the rise from $11.84-1/4 to $12.44.
A resistance zone of $12.36-1/2 to $12.44-3/4 has prevented an upward wave "c" from extending to $12.57, the 76.4 percent Fibonacci projection level.
The zone was formed by the 61.8 percent Fibonacci projection level and a high touched on Jan. 3.
Soybeans could eventually drop to $11.98-1/4, the 76.4 percent retracement and a support provided by the lower trendline of an ascending triangle.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
China Wholesale
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10.03
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