SINGAPORE: CBOT Soybean November contract is expected to fall into a range of $11.99-1/4 to $12.14 per bushel, as a rebound from the Oct. 4 low of $11.52 has completed.
The rebound has adopted an "a-b-c" corrective wave mode, with the wave "c" having ended around $12.71-1/2, the 38.2 percent Fibonacci retracement on the fall from $14.65 to $11.52. The wave "c" is unusually longer than the wave "a".
A minor support is observed at $12.28-1/2, the 38.2 percent level, but it could be too weak to hold up the fall, as the fall is expected to reach $11.52 eventually.
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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