Markets

CBOT soybeans to drop to $11.92-3/4

Published Updated

The contract has finished a rebound from the December 2011 low of $11.04-1/2, following a surge to $12.47-1/2 on Thursday, and a Fibonacci retracement analysis on this rebound reveals a target at $11.92-3/4, the 38.2 percent level.

A rise above $12.24 will neutralize the signals.

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, 2012