SINGAPORE: The CBOT soybeans November contract will extend its gain to 12.17-1/2 per bushel, as a five-wave cycle that started at the Aug. 31 high of $14.65 has been completed.
A sharp rebound has been triggered, towards the 38.2 percent Fibonacci retracement on the fall from $14.65 to $11.52-1/4, as the rebound was so strong that it easily pierced above the 23.6 percent level at $12.26.
The retracement from the previous trading session's high of $12.45-1/2 will be temporary, and is expected to be reversed by a surge above it on Wednesday.
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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