SINGAPORE: The CBOT soybean March contract may retest a support at $15.53-1/2 per bushel, a break below which could cause a fall into $15.31-$15.42 range.
The drop from the Feb. 10 high of $16.33 followed the completion of a wave V-3 from $13.82-1/2.
Five smaller waves make up this wave. The drop could be extending towards the bottom of the wave 4 around $15.31.
Three smaller waves make up the drop.
CBOT soybeans may retest support at $15.72-1/4
The wave c is expected to travel to $15.32, its 100% projection level, close to $15.31. Resistance is at $15.81-3/4, a break above which could lead to a gain into the range of $15.91-1/4 to $16.02-3/4.
On the daily chart, the shooting star on Feb. 10 still casts a big shadow on the market.
A black candlestick formed on Monday after the contract pierced below a support at $15.60-3/4.
These candlesticks work together suggesting a further fall on Tuesday.
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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