SINGAPORE: The CBOT soybeans May contract may test a resistance at $10.50-1/2, as it has found a support at $10.32-1/2 per bushel.
The support and the resistance are identified respectively as the 61.8 percent and the 76.4 percent projection levels of an upward wave C from $9.55-3/4.
Working together with the support is another one established by the upper trendline of a wedge. The drop from the March 2 high of $10.82-1/2 is regarded as a pullback towards the trendline. The uptrend may have resumed.
A break below $10.32-1/2 could cause a loss to $10.17-3/4, while a break above $10.50-1/2 could lead to a gain to $10.63.
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.
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