CBOT soybeans may rise into $14.31-1/2 to $14.46-1/2 range
- The strength of the bounce from the same day low of $13.98-1/2 indicates a resumption of the uptrend.
SINGAPORE: The CBOT soybean May contract may rise into a zone of $14.31-1/2 to $14.46-1/2 per bushel, following its stabilization around a support at $14.04-1/2.
The drop from the April 1 high of $14.56-1/4 is classified as a pullback towards a falling trendline.
The pullback has overshot the trendline a bit.
The strength of the bounce from the same day low of $13.98-1/2 indicates a resumption of the uptrend.
A break below $14.04-1/2 could open the way towards the range of $13.78-1/2 to $13.91-1/2.
On the daily chart, the contract is presumed to be riding on a wave iii, which is capable of travelling into a range of $15.14-1/4 to $15.51.
The correction on April 1 is much shallower than the one from the March 8 high of $14.60.
This relation has a bullish indication that eventually, the contract would break $14.54-3/4.
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