SINGAPORE: The CBOT soybeans March contract may break a support at $10.19-3/4 per bushel and fall further to the next support at $10.13-3/4.
These supports are identified respectively as the 86.4 percent and the 76.4 percent projection levels of an upward wave c, the third wave of a three-wave cycle from $9.44-1/2.
This wave was disrupted by a correction triggered by a resistance at $10.36-3/4. The correction could match the former one from the Jan. 30 high of $10.04-3/4, to extend into the range of $9.97-3/4 to $10.04-3/4, as suggested by a rising channel.
A break above $10.28 could lead to a gain to $10.36-3/4.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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