SINGAPORE: CBOT second month soybeans are expected to fall to the Dec. 29 low of $11.93 per bushel, after failing resistance at $12.15-1/4.
The resistance is the 61.8 percent Fibonacci retracement on the fall from $12.83-3/4 to $11.04-1/2, and for three trading sessions, soybeans have been hovering below it.
That indicates a temporary top could have formed around $12.15-1/4, and a short-term downtrend is progressing.
A rise above $12.20 will signal the resumption of the preceding uptrend towards $12.41-1/2, the 76.4 percent 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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