SINGAPORE: CBOT March soybeans still look neutral in a redefined range of $14.36-1/4 to $14.59 per bushel, and an escape will point a future direction.
A drop below $14.36-1/4 will indicate a continuation of the downtrend that developed from the Feb. 22 high of $15.16-1/2, towards $14.14-1/2, the 61.8 percent Fibonacci retracement on the rise from the Jan. 11 low of $13.51-1/2 to $15.16-1/2.
A rise above $14.68-3/4 will confirm a small double-bottom, which points to a target at $14.82.
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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