CBOT soybeans may fall to $9.62

SINGAPORE: The CBOT soybeans January contract may break a support at $9.67 per bushel, and fall to the next support at $9.62, as suggested by a Fibonacci projection analysis and a rising trendline.

The support is established at the Nov. 14 low. The strong bearish momentum on Thursday makes the support look vulnerable. A stronger support will be at $9.62, the 23.6 percent Fibonacci projection level of an upward wave C, as this support is strengthened by another similar one provided by a rising trendline.

The contract may temporarily end its slide around $9.62.  A bounce may be limited to the Dec. 12 low of $9.75.