SINGAPORE: CBOT soybeans November contract will rise to $12.59 per bushel, as it is riding on an upward wave "c".
The wave "c" is the second leg of an "a-b-c" corrective wave cycle that started from the Oct. 7 low of $11.52-1/4, with a bullish target at $13.52 over the next few trading sessions.
Strategically, a further gain above a trendline resistance at $12.40 is needed to confirm the move towards $12.59, while a fall below $12.17 will temporarily violate the bullish outlook.
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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