SINGAPORE: A bearish target of $11.26-1/4 per bushel is still valid for the CBOT soybeans November contract , as a medium-term downtrend is intact.
The rebound during the previous trading session on the hourly chart has not violated the downtrend, as it stopped at around $11.91-1/2, the 38.2 percent Fibonacci retracement on the fall from $12.38-3/4 to $11.62-1/4.
However, the fall towards $11.26-1/4 will only be confirmed after a low at $11.62-1/4 is broken below, while a rise above $11.91-1/2 will extend to $12.11.
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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