SINGAPORE: CBOT second month soybeans will fall more to $11.90 per bushel, as a short-term uptrend from the December 2011 low of $11.04-1/2 has been reversed by a deep drop on Thursday.
After falling below a rising channel, soybeans have moved into a lower channel, which is duplicated from the upper channel, with its lower channel line pointing to $11.90.
A Fibonacci retracement analysis on the rise from $11.04-1/2 to $12.44-3/4 reveals a similar target at $11.91, the 38.2 percent level.
A rebound from the current level will be limited to $12.20.
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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