SINGAPORE: The CBOT soybeans November contract may break a support at $8.85-1/2 per bushel, and fall into a range of $8.62-3/4 to $8.74-1/4.
The support is provided by the 38.2 percent retracement on the uptrend from $8.26-1/4 to $9.22-1/4.
The bounce triggered by this support seems to have ended around the resistance at $8.99-1/2.
The bounce is indeed a pullback towards a rising trendline.
The break below this line confirms a reversal of the uptrend from $8.26-1/4. The trend will be further reversed by the current drop.
The retracement analysis suggests a target zone of $8.62-3/4 to $8.74-1/4.
A break above $8.99-1/2 could lead to a gain into the range of $9.08 to $9.22-1/4.
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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