SINGAPORE: CBOT second month soybeans will end the rebound from $11.50 at a strong resistance of $11.92-1/2 per bushel and drop towards $11.50.
The resistance is a low touched on Jan. 6, and is strengthened by the 50 percent Fibonacci retracement on the fall from $12.37 to $11.50.
The rebound seems to be overdone as the rise from the December 2011 low of $11.04-1/2 is expected to be totally reversed, as a result, chances are high for soybeans to eventually drop back to the Thursday low.
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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