SINGAPORE: CBOT soybeans November contract will rebound further to $12.82 per bushel, as a small five-wave cycle has completed.
A Fibonacci retracement on the fall from $14.52 to $12.26 reveals a rebound target at $12.79-1/4, the 38.2 percent level, but the rebound may push the contract slightly higher to $12.80, a low touched on Aug 9.
The chance for the contract to go above $12.82 is remote as the current medium-term downtrend would remain intact following the rebound.
** 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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