CBOT soybeans may revisit March 9 high of $17.34

SINGAPORE: The CBOT soybean May contract may revisit its March 9 high of $17.34 a bushel, driven by a wave (3).

This is the third wave of a five-wave cycle from the Feb. 25 low of $15.79.

It is capable of travelling into $17.33-3/4 to $17.93 range. A bullish triangle has been almost confirmed, suggesting a much higher target.

CBOT soybeans biased to break support at $16.65

Support is at $16.74-1/2, a break below which could cause a fall into $16.60-1/2 to $16.74-1/2 range.

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