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SINGAPORE: CBOT January soybeans is neutral in a range of $11.11-1/2 to $11.47-1/4 per bushel, and an escape is needed to indicate its next move.
A bullish target range of $11.66-1/2 to $11.69-1/4 has been aborted, as it is uncertain if soybeans will be able to climb above a resistance at $11.47-1/4, the 100 percent Fibonacci projection level of an upward wave "c".
A fall below $11.11-1/2 will confirm the resumption of a preceding downtrend towards $10.80.
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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