CBOT soybeans to gain more to $13.59-1/2 a bushel
SINGAPORE: CBOT soybeans November contract will rise to $13.59-1/2 per bushel, as a rebound that started from the Aug. 8 low of $12.82 has not completed.
After retracing a low at $13.26 on Aug. 12, the contract refused to fall more. Instead, it quickly recovered most of the fall from the Aug. 11 high of $13.54-1/4 and, as a result, a wave "D" and a wave "E" have been added to the previous "A-B-C" counts.
The upward wave "E" is progressing towards the 1.618 percent Fibonacci projection level at $13.59-1/2.
Support is at $13.32-1/2, a fall below which will seek a lower support at $13.22-3/4.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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