SINGAPORE: Signals are mixed for CBOT Nov. soybeans as they have approached a support at $15.17-1/2 per bushel.
The support is at the 261.8 percent Fibonacci projection level of a downward wave C. It is not clear if this support would trigger a rebound, as rebounds have occurred at the 138.2 percent level of $16.34-3/4, the 176.4 percent level of $15.98-1/2 and the 223.6 percent level of $15.54.
It seems there is higher chance of a rebound than that of a further drop, as the support is enhanced by another one provided by the lower channel line of a falling channel.
A further drop to $15.10 will confirm a valid break below the support, and a bearish target at $14.59, the 323.3 percent projection level, will be established.
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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