SINGAPORE: The CBOT soybean March contract may break a support at $13.39-3/4 per bushel and fall to $13.27-3/4.

The downtrend from $14.35-3/4 has extended. It is driven by a wave c.

A projection analysis on the fall from $14.10 suggests a target of $13.27-3/4, the 161.8% level.

A retracement analysis on the uptrend from $11.43 to $14.35-3/4 reveals a similar target of $13.23-3/4, the 38.2% level.

Resistance is at $13.51-3/4, a break above which may lead to a gain limited to $13.66. On the daily chart, a projection analysis reveals a target zone of $13.12-1/4 to $13.32-1/4, formed by the 514.6% and the 538.2% levels.

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