SINGAPORE: CBOT May soybeans are expected to drop further to $12.98-1/4 per bushel, as they failed a resistance at $13.27-1/2.
The bearish divergence on the RSI indicator suggests soybeans have been overbought, making them incapable of testing $13.27-1/2, the 138.2 percent Fibonacci projection level of a wave "c".
The only alternative seems to be heading down towards a support at $12.98-1/4, the 100 percent projection level of a bigger wave "C".
A rebound will be seen upon the arrival of the price at $12.98-1/4.
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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