SINGAPORE: CBOT November soybean is expected to hover around a support zone of $12.90-3/4 to $12.92-3/4 per bushel for a moment, before falling more to $12.67-3/4.
The zone has been formed by the 100 percent Fibonacci projection level of an upward wave c and the 76.4 percent Fibonacci retracement on the fall from the June 7 high of $13.33 to the Aug. 7 low $11.62-1/2.
A break below the zone will be confirmed valid should soybeans drop to $12.87, and a bearish target will be established at $12.67-3/4, the 61.8 percent retracement.
Resistance is at $12.97, a break above which may signal the extension of the wave towards $13.09.
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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