CBOT soybeans to retrace to $13.22-3/4 a bushel
SINGAPORE: CBOT soybean November contract could retrace to $13.22-3/4 per bushel, as it has completed an "A-B-C" corrective cycle.
The downgrade of USDA forecast on crops only quickened the development of a wave "C" which narrowly missed $13.59-1/2, the 161.8 percent Fibonacci projection level, based on the length of the wave "A" that rose from $12.82 to $13.22.
Chances are low for soybeans to retest $13.59-1/2, while a rise above $13.42 would extend to $13.54.
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.
Copyright Reuters, 2011
Comments
Comments are closed for this article.