SINGAPORE: CBOT soybeans May contract has found a support at $10.11-3/4 per bushel, and may hover above it or rebound towards a resistance at $10.27-1/4.
The support is at the 38.2 percent Fibonacci retracement on the fall from the November 12 high of $10.92-3/4 to the January 30 low of $9.61-3/4. It seems the uptrend from this low has reversed, and over a few weeks, this level could be touched again.
After the sharp fall from the March 2 high of $10.39, soybeans may somewhat recover its loss. The current rebound triggered by $10.11-3/4 is expected to be limited to $10.27-1/4, the 50 percent level.
A break below $10.11-3/4 will open the way towards the 23.6 percent level at $9.92-1/2.
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