SINGAPORE: CBOT soybean March contract remains neutral in a range of $9.14-3/4 to $9.27-1/4 per bushel, and an escape could point a direction.
The range is formed by the 50 percent and the 76.4 percent projection levels of an upward wave C from $8.91-1/4. A break above $9.27-1/4 could confirm the extension of the wave C towards $9.38-1/2, while a break below $9.14-3/4 could cause a loss into the zone of $9.02-1/4 to $9.09-1/4.
The current sideways move is being shaped into a small triangle, which may turn out to be a bullish continuation pattern, as it developed after an uptrend.
On the daily chart, the contract faces a resistance zone of $9.21-3/4 to $9.27-3/4, formed by the Jan. 7 high and the 38.2 percent retracement on the downtrend from $10.54-1/2 to $8.39-3/4. A break above $9.27-3/4 could open the way towards $9.47, while a failure could be followed by a deep drop to $8.90-1/4.
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