CBOT soybeans to drop to $11.92-3/4

Friday, 10 February 2012 10:36

SINGAPORE: CBOT March soybeans will fall more to $11.92-3/4 per bushel, as indicated by the wave pattern on the hourly chart and a Fibonacci retracement analysis.

The contract has finished a rebound from the December 2011 low of $11.04-1/2, following a surge to $12.47-1/2 on Thursday, and a Fibonacci retracement analysis on this rebound reveals a target at $11.92-3/4, the 38.2 percent level.

A rise above $12.24 will neutralize the signals.

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