Monday, October 11, 2010

Soybeans Technicals from Reuters

SINGAPORE, Oct.11 (Reuters) - The CBOT soybean November futures contract will rise to $12.20 per bushel as a fierce wave "3" is advancing.

The rally confirmed a wave "3" mode, even though fundamentally the strong bull run was triggered by a cut in the USDA crop forecast.

The bullish momentum may extend into the next few trading sessions, to push the price higher until an obvious bearish reversal signal forms on the daily chart, and until then, the basic assumption will be that the uptrend is intact.

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