SINGAPORE: The CBOT soybean May contract may test support at $14.04-1/2 per bushel, a break below which could open the way towards $13.91-1/2.
The drop from the March 8 high of $14.60 looks incomplete. It consists of three waves. The second wave labelled b is ending around $14.20-1/2.
This wave is expected to be reversed by a downward wave c. A break above $14.20-1/2 could lead to a gain into the zone of $14.31-1/2 to $14.46-1/2.
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