SINGAPORE: CBOT soybeans January contract is expected to hover around a support at $11.67 per bushel for a trading session before falling to $11.57.
A downward wave "c" is unfolding towards a 100 percent Fibonacci projection level, based on the length of the wave and the peak of the wave "b" at $12.06-1/4.
The low touched on Nov. 10 at $11.67 provides a support, temporarily stopping the wave "c", but soybeans will eventually drop below this level and head to $11.57, the 76.4 percent projection level.
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.
Comments
Comments are closed for this article.