Tuesday, September 28, 2010

Soybeans Technicals from Reuters

SINGAPORE, Sept 28 (Reuters) - A bullish target of $11.60 per bushel for the CBOT soybean November futures contract <SX0> is intact, as per its wave pattern. 

The rise from the Sept. 23 low at $10.79-½   adopted a five-wave mode with wave "4" completed at $11.22, slightly lower than the expected correction limit of $11.25. 

A small double-top pattern is seen around $11.22, confirming the completion of the wave "4" retracement. Still, a rise above the neckline at $11.40 is a must for concluding the progress of the upward wave "5".

A fall below $11.22 would extend losses to $11.05.

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