SINGAPORE: The CBOT soybean March contract looks neutral in a range of $15.27-1/4 to $15.39-1/4 per bushel, and an escape could suggest a direction.
The nature of the rise from the Feb. 1-low of $15.10-3/4 remains unknown. It could be either a continuation of the uptrend or the second leg of a correction from $15.43-3/4.
A break above $15.39-1/4 may confirm the continuation of the uptrend towards the $15.43-3/4 to $15.51 range, while a break below $15.27-1/4 could be followed by a drop into the $15.10-3/4 to $15.23-1/4 range.
Signals on the daily chart are a bit mixed, while the contract remains sideways around a resistance range of $15.30-1/2 to $15.35.
There might be no better strategy than to simply wait for a strong move.
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