CBOT soybeans to rise to $10.44-1/4

The resistance was established by the 61.8 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the Sept. 27 low of $9.40-1/2.

The next resistance will be at $10.44-1/4, a break above which could lead to a further gain to $10.53-1/4. The break will be critical in confirming an inverted head-and-shoulders forming between Aug. 2 and Nov. 14, which suggests an aggressive target at $11.24-3/4.