CBOT soybeans to fall to $9.80

SINGAPORE: CBOT soybeans November contract may break a support at $9.96-1/2 per bushel and fall more to the next support at $9.80, as suggested by its wave pattern and a Fibonacci projection analysis.

The contract is riding on downward wave C, the third wave of a three-wave cycle from the June 13 high of $11.86-1/4. This wave is capable of travelling to $9.57-3/4, its 100 percent projection level.

A more realistic target could be $9.80, the 86.4 percent level, which will be confirmed when the contract breaks $9.96-1/2, the 76.4 percent level.