SINGAPORE: The CBOT soybean March contract may retest a support at $14.69-1/4 per bushel, a break below which could open the way towards $14.56 to $14.64 range.
The contract is riding on a wave C from $14.90-3/4, the third wave of a correction from $14.97-1/4. This wave is supposed to travel to $14.56, its 100% projection level.
The support at $14.69-1/4 triggered a weak bounce, which may end below $14.77-1/4. In case the contract breaks this level, a bullish target of $14.82-1/2 will be established accordingly.
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On the daily chart, the weakness of the market has much to do with the resistance at $15.00, the 61.8% projection level of the wave C from $13.71.
This wave may either complete around this level or extend to $15.80. Its underperformance suggests a completion.
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