CBOT soybeans neutral in $8.89-3/4 to $8.98-1/4 per bushel range

• The range is formed by the 61.8pc and the 86.4pc retracements on the fall from $9.03 to $8.68-3/4.
• A break below $8.89-3/4 could cause a fall into the range of $8.81-3/4 to $8.85-3/4 while a break above $8.98-1/4 could lead to a gain into $9.03 to $9.08-1/4 range.

SINGAPORE: CBOT March soybeans looks neutral in a range of $8.89-3/4 to $8.98-1/4 per bushel, and an escape could suggest a direction.

The range is formed by the 61.8pc and the 86.4pc retracements on the fall from $9.03 to $8.68-3/4.

A break below $8.89-3/4 could cause a fall into the range of $8.81-3/4 to $8.85-3/4 while a break above $8.98-1/4 could lead to a gain into $9.03 to $9.08-1/4 range.

The bias looks towards the downside, as the contract failed three times to break $8.98-1/4.

On the daily chart, a pullback towards a rising trendline may have completed.

The contract could seek a support at $8.85-1/4, the 86.4pc projection level of a downtrend from $9.61.

Strategically, this target will be confirmed only when the Tuesday low of $8.89-1/4 is breached.