SINGAPORE: CBOT second month soybeans are expected to end the current moderate rebound around $12.13 per bushel, then drop towards the Jan. 16 low of $11.93-1/2.
The rebound could be triggered by support at $11.91, the 38.2 percent Fibonacci retracement on the rise from $11.04-1/2 to $12.44-3/4.
Soybeans may hover above the support for a few trading sessions, as the right shoulder of a possible head-and-shoulders could be forming.
A fall below $11.91 will open the way towards $11.74-1/2, the 50 pecent retracement.
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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