CBOT soybeans to rise to $9.98-1/4

06 Feb, 2015

SINGAPORE: CBOT soybeans March contract is expected to rise to $9.98-1/4 per bushel as it has cleared resistance at $9.81-1/2.

The gain on Feb. 5 has confirmed an extension of the rebound from the Jan. 30 low of $9.55.

This rebound consists of three waves, with the third wave labelled c travelling towards $9.98-1/4, the 38.2 percent Fibonacci retracement on the fall from the Dec. 29, 2014 high of $10.68-1/4 to $9.55.

The former resistance at $9.81-1/2, the 23.6 percent level, has become support, a break below which could cause a limited loss to $9.71-1/2, the 14.6 percent retracement.

Copyright Reuters, 2015

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