CBOT soybeans still eyes $14.10-1/2 a bushel
SINGAPORE: A bullish target at $14.10-1/2 per bushel is unchanged for CBOT soybeans July contract , based on its wave pattern and a Fibonacci projection analysis.
The contract could have started a wave "3", advancing towards the 61.8 percent Fibonacci projection level, based on the length of the wave "1" which started from $13.12-1/4 and ended at $13.87-1/2.
In the meantime, a double-bottom is taking shape, which can be considered as a bullish signal even before the pattern is finally confirmed with a break above the neckline at $13.96.
Support is at $13.64, a fall below which will extend to $13.31.
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.
Copyright Reuters, 2011
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