SINGAPORE: The CBOT soybeans November contract will fall further to $11.26-1/4 per bushel, as it has broken below a support at $11.69-1/4.
The support is the 100 percent Fibonacci projection level of a wave "3", and a fall below this level indicates that the wave "3" will extend to the 161.8 percent projection level.
It seems the bearish momentum is dissipating, after a linear drop from the Aug. 31 high of $14.65, and the contract could have been much oversold.
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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