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CBOT soybeans face resistance at $11.91-1/2
SINGAPORE : CBOT soybeans January contract faces a resistance at $11.91-1/2 per bushel and only a break above this level
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The resistance is the 38.2 percent Fibonacci retracement on the fall from $12.31-1/2 to $11.67, serving as a barrier to a higher target at $11.99-1/4, the 50 percent retracement. For a valid break above the resistance, the contract needs to hover above it for at least two hours. 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