CBOT soybean biased to fall to $14.05/bsh
SINGAPORE: The CBOT soybeans November contract is biased to fall to $14.05 per bushel, as indicated by its wave pattern and a rising channel.
Even though signals could still be mixed while the contract remains sideways in a range of $14.08 to $14.34-3/4, the wave pattern on the hourly chart suggests an unfolding double-zigzag, with the second wave "a" to drive the price down to $14.05, as pointed by the lower channel line of a rising channel.
A fall below $14.12 will confirm this bearish view, with a downside potential at $13.95.
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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