SINGAPORE: CBOT March soybeans will revisit the Feb. 10 low of $12.15 per bushel, as the sharp rebound from this level is temporary.
The rebound was triggered by a support at $12.13-3/4, the 23.6 percent Fibonacci retracement on the rise from $11.04 to $12.47-1/2.
That indicates soybeans will reverse more of the preceding rise, as it is unusual for a retracement to complete around the 23.6 percent level. An eventual target could be as low as $11.92-3/4, the 38.2 percent level.
Resistance is at $12.47-1/2, a break above which will trigger a further gain to $12.57, the 76.4 percent projection level of an upward wave "c".
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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