SINGAPORE: CBOT November soybeans would retest a resistance at $15.71 per bushel, a break above which will open the way towards $16.12-1/2.
The resistance is at the 23.6 percent Fibonacci retracement on the fall from $17.88-1/4 to $15.04, it has successfully stopped soybeans' first round of rebound from $15.04.
The second round, labelled as a wave c, will have a good chance of breaking this level and arriving at $16.12-1/2, the 38.2 percent level.
Support is at $15.36, a break below which will lead to a loss which will be limited to $15.04.
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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