Markets
CBOT soybean biased to fall to $14.05/bsh
SINGAPORE : The CBOT soybeans November contract is biased to fall to $14.05 per bushel, as indicated by its wave pattern
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Even though signals could still be mixed while the contract remains sideways in a range of $14.08 to $14.34-3/4, the wave pattern on the hourly chart suggests an unfolding double-zigzag, with the second wave "a" to drive the price down to $14.05, as pointed by the lower channel line of a rising channel.
A fall below $14.12 will confirm this bearish view, with a downside potential at $13.95.
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Copyright Reuters, 2011