CBOT soybeans may hover above $8.89-3/4 per bushel

• The support is provided by the 61.8pc retracement on the fall from $9.03 to $8.68-3/4.
• The pattern indicates a target at $8.85-3/4, which will only be confirmed when the contract breaks the support at $8.89-3/4.

The support is provided by the 61.8pc retracement on the fall from $9.03 to $8.68-3/4.

The contract failed twice to break a resistance at $8.98-1/4 as well.

The failures suggest the formation of a small double-top.

The pattern indicates a target at $8.85-3/4, which will only be confirmed when the contract breaks the support at $8.89-3/4.

Its stabilization around this support, however, makes the target at $8.85-3/4 doubtful.