Home | About | Blog | Facebook | Twitter

Monday, November 23, 2015

CBOT soybeans may break support at $8.49-1/2

CBOT soybeans may break support at $8.49-1/2: CBOT soybeans may break a support at $8.49-1/2 per bushel, and fall to the next support at $8.26-3/4, driven by a wave C.
These two supports are provided respectively by the 38.2 percent and 50 percent Fibonacci projection levels of the wave C, the third wave of a three-wave cycle from the July 14 high of $10.50-1/4. This wave could travel to $8.04, the 61.8 percent level.