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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.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

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