CBOT soybeans may fall more to $8.37-1/4

SINGAPORE: The CBOT November soybean contract may break a support at $8.47-1/4 per bushel and fall more to $8.37-1/4.

The support is identified as the 23.6 percent projection level of an upward wave c from $8.37-1/4. This wave peaked around a falling trendline. The subsequent deep drop, along with this intact trendline, suggests a continuation of the downtrend from $9.22-1/4.

The bounce triggered by the support at $8.47-1/4 is so weak that it failed to extend above an immediate resistance at $8.53-1/2.

With this bounce having almost been reversed, the downtrend could have resumed.