SINGAPORE: CBOT soybeans January will rebound to $11.42-1/4 per bushel, as it has completed a wave "c".
This wave has traveled 1.618 times the length of the wave "a", as indicated by a Fibonacci projection analysis.
The Nov. 25 low of $11.02-3/4 has become a strong support, triggering a rebound towards the 38.2 percent Fibonacci retracement on the fall from $12.06-1/4 to $11.02-3/4.
A less bullish scenario will be soybeans to consolidate within a range of $11.02-$11.30 for one or a few trading sessions.
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.
Comments
Comments are closed for this article.