CBOT soybeans to rebound to $11.20 per bushel

SINGAPORE, Sept 30 (Reuters) - CBOT soybean November futures could rise to $11.20 per bushel after completing a retracement that started from the Monday high at $11.44. 

The correction has penetrated into a strong support range between $10.72-½   and $10.89-1/4- the 50 percent and 38.2 percent Fibonacci retracement levels on the rise from $10.00-¾    to $11.44.

Soybeans are expected to eventually recover the fall by returning to $11.44. But before that, a rebound to $11.20 will be seen on Thursday.

 

A fall below the previous session low at $10.83-½   would be limited to $10.72-1/2.

REUTERS

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.