- The only choice is to follow the trend.
SINGAPORE: The CBOT soybean May contract may extend its gains into a range of $15.56-1/4 to $15.72-1/4 per bushel, as suggested by a projection analysis.
The contract has surged far above the 161.8% projection level of a wave C at $15.14-1/4. Chances are this wave may travel much higher into a range of $15.98-$16.24.
A fall below $15.22-1/2 may be limited to a support zone of $15.01-1/4 to $15.14-1/4. On the daily chart, the contract is expected to test a resistance at $15.51.
A break could open the way towards $15.73-3/4 to $16.10-3/4 range.
It is difficult to predict the peak of this wave. Until now, there has not been a reversal signal.
The only choice is to follow the trend.
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