SINGAPORE: CBOT Nov soybeans look neutral in a range of $15.54 to $16.12-1/2 per bushel, and an escape will point a future direction.
The range has been formed by the 223.6 percent and the 161.8 percent Fibonacci projection levels of a downward wave C.
The bias is towards the upside, as the rebound from the Sept. 27 low of $15.57-1/2 may extend to $16.37, the 38.2 percent Fibonacci retracement on the fall from $17.65-3/4 to $15.57-1/2.
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.
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