SINGAPORE: CBOT second month soybeans are expected to range between $12.15-1/4 and $12.41-1/2 per bushel, after failing to breach resistance at the upper end of the band.
The resistance is the 76.4 percent Fibonacci retracement on the fall from $12.83-3/4 to $11.04-1/2, and could serve as an ultimate high for the rebound from the December 2011 low of $11.04-1/2.
A bearish divergence has formed on the RSI indicator, signaling soybeans are technically weak.
A rise above $12.41-1/2 will open the way towards $12.83-3/4.
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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