SINGAPORE: CBOT soybeans March contract seems to have stabilized around a support at $8.64-3/4 per bushel, and may bounce into a range of $8.70 to $8.73-1/4.
The support is provided by the 38.2 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle from the Dec. 7, 2015 high of $9.11-1/2.
Working together with the support is another one at $8.66, the 76.4 percent Fibonacci retracement on the rise from the Feb. 9 low of $8.59-1/2 to the Feb. 22 high of $8.87-1/2.
The contract may bounce to the 61.8 percent retracement at $8.70 or to the 23.6 percent projection level at $8.73-1/4. A break below $8.64-3/4 could cause a loss to $8.57-3/4, the 50 percent projection level.
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