CBOT soybeans may gain more to $8.88

CBOT soybeans March contract may gain more to$8.88 per bushel, as it has pierced above a resistance at $8.82-1/2.The resistance is provided by the 61.8 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Jan. 6 low of $8.52.The cycle has been developing within a triangle, which looks more like a bullish pattern, following the rise on Feb. 17.Strategically, a rise to $8.84 is still needed to confirm the break above $8.82-1/2 and the target at $8.88 - the 76.4 percent level.Support will be at $8.78-1/4, the 50 percent level, a break below which could cause a loss to the 38.2 percent level at $8.73-3/4.News SourceNews Collated byPAKISSAN.comCourtesy Business Recorder