Friday, September 24, 2010

Soybeans Technicals from Reuters

 SINGAPORE, Sept 24 (Reuters) - The CBOT soybean November futures contract <SX0> is still technically neutral, as it is rangebound between $10.78 and $11.00 per bushel. 

The range will soon be confirmed as either a bearish double-top or a bullish double-bottom, after the resistance at $11.00, or the support at $10.78, is broken. 

A break above $11.00 would trigger a rise to $11.13-3/4, the 161.8 percent Fibonacci projection level based on the length of wave "1", while a fall below $10.78 would extend its loss to $10.66-1/4, the 50 percent Fibonacci retracement level on the rise from $10.33 to $10.99-1/2.

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