CBOT soybeans may test support at $8.89-3/4

• The support is provided by the 61.8pc retracement on the fall from $9.03 to $8.68-3/4.
• The rise from the Feb. 11 low of $8.78 could be broken down into five waves. Such a structure suggests a completion of the bounce from $8.68-3/4.

SINGAPORE: CBOT March soybeans may test a support at $8.89-3/4 per bushel, a break below which could cause a fall to $8.85-3/4.

The support is provided by the 61.8pc retracement on the fall from $9.03 to $8.68-3/4.

The rise from the Feb. 11 low of $8.78 could be broken down into five waves. Such a structure suggests a completion of the bounce from $8.68-3/4.

Resistance is at $8.98-1/4, a break above which could lead to a gain to $9.03. On the daily chart, the contract failed to break a rising trendline.