Wednesday, September 29, 2010

Soybeans Technicals from Reuters

SINGAPORE, Sept 29 (Reuters) - CBOT soybean November futures would fall to $10.89-¼   per bushel as a five-wave cycle may have completed at the Sept 27 high of $11.44. 

The correction from $11.44 is so deep that it indicates the completion of wave "5". The following retracement is expected to range between $10.72-½   and $10.89-1/4, the 50 percent and 38.2 percent Fibonacci retracement levels, respectively, on the rise from $10.00-¾   to $11.44. 

A moderate rebound to $11.15 could be possible before the fall resumes, while a rise above $11.18 would open the way to $11.35.

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