SINGAPORE: CBOT July soybeans may test a support at $8.44-3/4 per bushel, as it failed twice to break a resistance at $8.51.
The resistance is identified as the 23.6pc retracement of the uptrend from $8.18-1/2 to $8.61-1/4.
The two failures to overcome this barrier signal a completion of the rise from the May 22 low of $8.28-1/2.
A break below $8.44-3/4 could cause a fall to $8.39-3/4 while a break above $8.51 could lead to a gain into $8.55 to $8.58-1/4 range.
On the daily chart, the contract has broken a falling trendline and a resistance at $8.42-1/2, a 14.6pc retracement of the downtrend from $9.84-1/4 to $8.18-1/2. It may pull back towards this line.
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