SINGAPORE: The CBOT soybeans January contract has broken above a pivotal resistance at $11.91-1/2 per bushel, opening the way towards $12.16-1/4.
The resistance is the 38.2 percent Fibonacci retracement on the fall from $12.31-1/2 to $11.67, serving as the neckline resistance of an inverted head-and-shoulders pattern.
An immediate target will be $11.99-1/4, the 50 percent retracement, while an aggressive target is $12.16-1/4, the 76.4 percent retracement, also pointed at by the inverted head-and-shoulders pattern.
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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