Nearby soybean contracts saw a major correction that spanned about a month and a half.  The November contract corrected more than $3.00 per bushel before beginning a rebound last week.  A simple Fibonacci Retracement along with a few key moving averages provides us with a few possible upside objectives.

 

1)     $15.63: (100 Day Moving Average)

2)      $16.01: (38% retracement from September high to recent low)

3)      $16.35: (50 Day Moving Average)

4)      $16.37: (50% retracement from September high to recent low)

5)      $16.74: (62% retracement from September high to recent low)