Soybeans have now fallen back below its 200-day SMA after briefly pushing above it in late June.
More selling is likely to follow next.
We see more weakness for soybeans in the coming weeks as the wave counts continue to call for a move back below the June low of 895.75. In the immediate trend, yesterday’s rebound may have ended its wave-iv at 954.75, marginally above its 23.6% Fibonacci retracement of wave-iii.
A quick drop to below 937.25 would likely mean that prices are heading to 926.75 or 915.25 next, where both are Fibonacci targets.
Lower targets for the longer term would be the June low of 895.75 and 870.25.
As long as prices continue to stay below 990.25, we expect prices to continue on lower from here. (Read Report)
Source : CIMB Research