SINGAPORE: CBOT soybeans March contract may revisit its Jan. 30 low of $9.55 per bushel, as it has broken a support at $9.71-1/2.
The support was provided by the 14.6 percent Fibonacci retracement on the fall to this low from the Dec. 29, 2014 high of $10.68-1/4, working as the last barrier towards $9.55.
The lower channel line of a falling channel points to a level similar to $9.55, indicating a further downside as well.
A sudden surge above $9.71-1/2 could signal the break below this level was false, and the 23.6 percent retracement at $9.81-1/2 could be approached again.
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