SINGAPORE: The CBOT soybean November contract may break a support at $8.90-1/4 per bushel and fall to $8.86-3/4.
The support is identified as the 38.2pc retracement of the uptrend from $8.71-3/4 to $9.02. The correction from $9.02 consists of three waves. So far, only two have completed. The third wave labelled c is unfolding.
This wave could travel to $8.86-3/4.
Resistance is at $8.94-3/4, a break above which could lead to a gain into $8.97-1/2 to $9.02 range.
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