SINGAPORE: CBOT November soybeans will revisit the previous trading session's low of $12.09-1/4 per bushel as a downward wave (5) is still progressing.
The rebound from $12.09-1/4 is considered a pullback towards horizontal resistance at $12.38, a low touched on March 15, and the wave (5) may have adopted a diagonal triangle, as the presumed wave "1" obviously consists of an "a-b-c" corrective wave pattern.
A break above $12.38 will trigger a further gain to $12.60.
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.
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