SINGAPORE: CBOT soybeans March contract looks neutral in a range of $9.71-1/2 to $9.81-1/2 per bushel, and an escape will point a direction.

The range has been formed by the 14.6 and the 23.6 percent Fibonacci retracements on the fall from the Dec. 29, 2014 high of $10.68-1/4 to the Jan. 30 low of $9.55 per bushel.

A rise above $9.81-1/2 could signal the extension of the rebound from $9.55, towards the 38.2 percent retracement at $9.98-1/4, while a break below $9.71-1/2 could cause a further loss to $9.55.

Strategically, the target at $9.55 could only be confirmed when soybeans fall to $9.65.

Wang Tao is a Reuter’s market analyst for commodities and energy technical’s.

The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice.

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.

Reuters