Wednesday, 31 October 2012 09:48
SINGAPORE: CBOT January soybeans are expected to retest a resistance at $15.51-1/2 per bushel, a break above which will lead to a further gain to $15.61-1/4.
The resistance is at the 50 percent Fibonacci retracement on the fall from $15.77 to $15.26-1/4. It has successfully stopped a the first round of the rebound from $15.26-1/4.
The rebound may consist of three waves, and is driven by the third wave - the wave c, which could go above the peak of the wave a.
The chart pattern from the Monday low of $15.26-1/4 looks symmetrical to the part between the Oct. 19 and the Oct. 23, indicating soybeans may climb to $15.61-1/4, the high touched on Oct. 22.
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