SINGAPORE: The CBOT soybean July contract may test a resistance at $14.81 per bushel, a break above could lead to a gain into the $15.08-1/2 to $15.46 range.
The contract has broken a strong lower resistance at $14.40-3/4, the 61.8% retracement of the downtrend from $15.46.
The break marks a major victory of bulls, which may push the contract to $15.46.
The recovery of the price from $12.70-3/4 looks so strong that it suggests a continuation of the long-term uptrend.
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A study on the continuous chart presents a different interpretation on whether the long-term uptrend from $7.80-1/2 has resumed.
Most likely, the rise is riding on a wave (b) which is expected to end below $17.84.
A retracement analysis reveals a target zone of $15.47 to $16.37-1/4.
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