CBOT soybeans neutral in $8.41-$8.45 range

• The range is formed by the 23.6pc and the 38.2pc retracements of the downtrend from $8.61-1/4 to $8.35.
• A break above $8.45 could lead to a gain into a zone of $8.48-$8.51 while a break below $8.41 could cause a fall into $8.36-3/4 to $8.38-3/4 range.

SINGAPORE: CBOT July soybeans looks neutral in a range of $8.41-$8.45 per bushel, and an escape could suggest a direction.

The range is formed by the 23.6pc and the 38.2pc retracements of the downtrend from $8.61-1/4 to $8.35.

A break above $8.45 could lead to a gain into a zone of $8.48-$8.51 while a break below $8.41 could cause a fall into $8.36-3/4 to $8.38-3/4 range.

The bias could be towards the downside, as a triple-top forming around $8.48 suggests a target around $8.36-3/4.

On the daily chart, the contract looks weak after briefly piercing above a falling trendline. Chances are it may fail to break this line and then fall towards $8.30.