CBOT soybeans to extend gain to $14.73/bushel
SINGAPORE: CBOT soybeans November contract will extend its gain to $14.73 per bushel, as a medium-term uptrend has been confirmed after the surge on Friday.
A relabeling of its wave pattern suggests the contract is riding on a powerful wave "3", which is part of a bigger wave (3), progressing towards $14.73, the 161.8 percent Fibonacci projection level, based on the length of the wave "1" which rose from $13.50 to $14.03. Retracement will be moderate, limited to $14.18.
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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