SINGAPORE: The CBOT soybean March contract may bounce to $13.22-1/2 per bushel, as it has found a support at $13.02-3/4.

The support is provided by the 100% projection level of a downward wave C from $13.86-1/2. This wave could end around this support or extend a lot to $12.50-3/4.

A head-and-shoulders suggests an extension of the wave C. However, the contract is yet to pull back towards the neckline of the pattern. This pullback may be triggered by the support.

A break below $13.02-3/4 could cause a fall into the range of $12.82-3/4 to $12.90-1/2.

On the daily chart, a retracement analysis on the uptrend from $8.75 to $14.36-1/2 reveals a support at $13.03-3/4, the 23.6% level, which is expected to hold and trigger a bounce, as the former support at $13.54-1/2 caused a moderate bounce.

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.