SINGAPORE: CBOT January soybeans is expected to gain more to $11.79 per bushel, as a small five-wave cycle that started at the Dec. 14 low of $10.94-1/4 has not completed.
The cycle is driven by a wave "5" which has extended towards the 61.8 percent Fibonacci retracement on the fall from $12.31-1/2 to $10.94-1/4.
Strategically, soybeans need to stand above $11.63, the 50 percent retracement, to open the way to $11.79. As the price failed to break the 50 percent level in the first attempt, there are increased chances of the wave "5" peaking at $11.68.
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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