CBOT soybeans neutral in $15.27-1/4 to $15.39-1/4 range

SINGAPORE: The CBOT soybean March contract looks neutral in a range of $15.27-1/4 to $15.39-1/4 per bushel, and an escape could suggest a direction.

The nature of the rise from the Feb. 1-low of $15.10-3/4 remains unknown. It could be either a continuation of the uptrend or the second leg of a correction from $15.43-3/4.

A break above $15.39-1/4 may confirm the continuation of the uptrend towards the $15.43-3/4 to $15.51 range, while a break below $15.27-1/4 could be followed by a drop into the $15.10-3/4 to $15.23-1/4 range.

Signals on the daily chart are a bit mixed, while the contract remains sideways around a resistance range of $15.30-1/2 to $15.35.

There might be no better strategy than to simply wait for a strong move.