CBOT soybeans to rebound to $14.39-3/4

SINGAPORE: CBOT March soybeans are expected to rebound to $14.39-3/4 per bushel, due to the completion of a five-wave cycle.

The cycle started at the Feb. 7 high of $14.97 and ended at the Wednesday low of $14.04-1/2. The completion has been confirmed by the sharp rebound from $14.04-1/2.

A Fibonacci retracement analysis on the cycle reveals soybeans have climbed above a resistance at $14.26-1/4, the 23.6 percent level, chances are high for them to gain more to the 38.2 percent level at $14.39-3/4.

Soybeans may retrace slightly to $14.16 before rising towards $14.39-3/4.

No information in this analysis should be considered as being business, financial or legal advice.

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