- Key support is at $14.17-3/4, a break below which may be followed by a deep drop into $13.58-1/4 to $13.95 range.
SINGAPORE: The CBOT soybean May contract may test a resistance at $14.62-1/2 per bushel, a break above which could lead to a gain into a range of $14.72-1/4 to $14.88-1/4.
The contract is riding on a wave C from $13.36-3/4, which has deeply pierced above its 100% projection level of $14.46-1/2. Chances are it may extend into a range of $14.88-1/4 to $15.14-1/4.
The correction triggered by the resistance may have ended around $14.20-1/2. The wave C could have resumed. A break below $14.31-1/2 may cause a fall into the range of $14.04-1/2 to $14.20-1/2.
On the daily chart, the contract is riding on a wave 5, which may travel to $15.51, based on the depth of the wave 4.
Key support is at $14.17-3/4, a break below which may be followed by a deep drop into $13.58-1/4 to $13.95 range.
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