SINGAPORE: It is doubtful if the CBOT soybeans second month could continue a downtrend towards $11.47 per bushel, as it faces a strong support at $11.63-1/2.
A brief piecing below a higher support at $11.76-1/4, a 100 percent Fibonacci projection level, has not guaranteed a further fall towards $11.47, the 138.2 percent level of a downward wave "c".
The contract needs to drop below the Oct. 4 low of $11.63-1/2 for advancing more to $11.47, while only a rise above $11.92 could swing the current downtrend.
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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