SINGAPORE: The CBOT soybean November contract may break a resistance at $9.19 per bushel and gain more to $9.25-3/4, as suggested by a Fibonacci retracement analysis.
The resistance is identified as the 50% retracement of the downtrend from $9.48 to $8.90-1/4. The rise from $8.90-1/4 looks steady. It is regarded as a continuation of the preceding uptrend from the May 13 low of $8.15-1/2.
The fall from $9.48 adopted a three-wave mode. The second wave labelled B ended around $9.34-1/4, which may be revisited. Support is at $9.12-1/4, a break below which could cause a fall to $9.03-3/4.
On the daily chart, the contract has more or less broken a resistance at $9.16-1/2. The next resistance is at $9.28-1/2.
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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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