SINGAPORE: CBOT March soybeans will retrace to $12.26 per bushel, as the contract has been unable to break a resistance zone of $12.36-1/2 to $12.44-3/4.
The zone was formed by the 61.8 percent Fibonacci projection level of an upward wave "c" and a high touched on Jan. 3, and it has triggered a pullback towards a trendline that descends from the Jan. 8 high of $12.44-3/4, with a target at $12.26.
A surge above $12.44-3/4 will open the way to $12.57, the 76.4 percent projection level.
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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