Home » » Top pick for the day - Soybeans

Top pick for the day - Soybeans

Shared By Stock Fanatic on Thursday, October 29, 2015 | 29.10.15

The next leg down is underway

Prices could start to work its way lower from here following the breakdown from its bearish flag pattern.

The rebound since the 857.00 low to 923.50 has been ragged and was stuck within parallel lines, suggesting that the move was merely a rebound.

Based on our counts, we expect prices to fall to below 857.00 and test 805.00 next, where wave v is equal in length as wave i.

Since wave iii did not extend, there is a good chance that wave v could be extended.

If that is the case then wave v could potentially fall to 1.618x the length of wave i to 731.75.

On a more bearish scenario, the rebound from 857.00 could have been just a smaller degree 2nd wave. And if that is the case, then there could be a lot more downside from here and it could continue on to below 731.75.

We remained bearish on Soybeans as long as 923.50 holds. 916.00 is a minor resistance in the near term. (Read Report)

Source : CIMB Research

Posted on Thursday, October 29, 2015 | 29.10.15
With No comments

Join Me On: Facebook | Twitter | Google Plus ::: Thank you for visiting ! :::
Some of the photos shown in this blog are randomly sourced from the Public Domain. If there is an infringement in the copyright of the photos; kindly inform us and it will be removed immediately. Thank you for your kind understanding.
Share this article :

Post a Comment

Modified by : Stockfanatic
Copyright © 2008 - 2018. Singapore Stock Market News - All Rights Reserved
Template Created by Creating Website Published by Mas Template
Proudly powered by Blogger
Related Posts with Thumbnails