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CBOT soybeans fall into $8.81-3/4 to $8.85-3/4 range

The support is provided by the 61.8pc retracement on the fall from $9.03 to $8.68-3/4. The resistance at $8.94
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By Reuters
  • The support is provided by the 61.8pc retracement on the fall from $9.03 to $8.68-3/4.
  • The resistance at $8.94-3/4 is not working alone.

SINGAPORE: CBOT March soybeans may break a support at $8.89-3/4 per bushel, and fall into a range of $8.81-3/4 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 contract took a few days to break this former resistance.

The current resistance at $8.94-3/4 is stronger.

It has triggered a correction towards $8.85-3/4.

The resistance at $8.94-3/4 is not working alone.

It is strengthened by another one at $8.94 on the daily chart, which is the 76.4pc projection level of a downward wave c from $9.61.

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