Monday, October 18, 2010

Soybean Technicals from Reuters

SINGAPORE, Oct. 18 (Reuters) - A bullish target at $12.26 per bushel for the CBOT soybean November futures contract has been aborted as a five-wave cycle could have been completed at the Friday high of $12.04-1/4.

A bearish target has been established at $11.42-1/4, the 38.2 percent level, as per a Fibonacci retracement analysis, on the rise from $10.42 to $12.04-1/4. 

A minor support is observed at $11.66, the 23.6 percent level, but it could be too vulnerable to hold the fall.

Resistance is at $11.90, a break above which would slightly extend its gain to $12.00.

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