CBOT soybeans to retrace to $13.00 a bushel
SINGAPORE: CBOT soybeans November contract has entered into a consolidation phase, and is expected to retrace to $13.00 per bushel before rebounding more to $13.24.
That is based on a possible "A-B-C" corrective wave mode for the consolidation, and so far only the wave "A" has completed.
The wave "B" would be further broken down into an "a-b-c" wave structure, with the wave "c" to drive the contract down to $13.00, around the trough of the wave "a".
A further gain from the current level would be limited to $13.24.
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.
Copyright Reuters, 2011
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