Markets
CBOT soybeans to rebound to $13.66-1/2 a bushel
SINGAPORE : CBOT soybeans November contract will rebound to $13.66-1/2 per bushel as indicated by a descending channel a
1 min
By
A high-low bottom is forming around $13.26, a low touched on Sept 19, and the contract will develop a wave "c", towards $13.66-1/2, as pointed by the upper channel line of a falling channel.
The bullish divergence on the hourly MACD indicator also confirms the contract is technically very strong and poised for a further rebound.
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.
Copyright Reuters, 2011