SINGAPORE: CBOT January soybeans is expected to fall to $11.65 per bushel, as a top has formed at $12.09.
The top looks like a small head-and-shoulders which is likely to be confirmed as it formed around $11.99, the 76.4 percent Fibonacci retracement on the fall from $12.31-1/2 to $10.94-1/4.
A Fibonacci retracement analysis on the rise from $10.94-1/4 to $12.09 reveals a target at $11.65, the 38.2 percent level.
Resistance is at $12.01, a break above which will trigger a further gain to $12.31.
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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