CBOT soybeans biased to retest resistance at $8.85-3/4

• The resistance is identified as the 50pc retracement of the fall from $9.03 to $8.68-3/4.
• The contract failed a few times to overcome this barrier. It becomes doubtful if the contract could succeed in its fourth attempt.

The resistance is identified as the 50pc retracement of the fall from $9.03 to $8.68-3/4.

The contract failed a few times to overcome this barrier. It becomes doubtful if the contract could succeed in its fourth attempt.

Key support is at $8.76-3/4, a break below which may cause a fall to $8.68-3/4.

On the daily chart, the bounce looks like a pullback towards a rising trendline. The pullback is yet to extend to $8.90-1/2, the 61.8pc retracement on the uptrend from $8.41-1/2 to $9.70.