- A break below $15.20-1/2 could cause a fall limited to $14.93-1/4.
SINGAPORE: The CBOT soybean May contract could bounce into a range of $15.54-1/4 to $15.75 per bushel, as it has stabilized around a support at $15.20-1/2.
The deep fall from the Tuesday high of $16.08-3/4 has marked the completion of a wave 3. This fall has defined the range of the current wave 4, which is likely to develop in a zone of $15.20-1/2 to $16.08-3/4.
This wave could consist of three smaller waves. Only the wave a is over.
It is not clear how long the wave b would be. It could travel to any level below $16.08-3/4.
A break below $15.20-1/2 could cause a fall limited to $14.93-1/4.
On the daily chart, the first black candlestick appeared on Tuesday after 10 consecutive white candlesticks from the April 13 low of $13.78.
As far as the trend from this low is concerned, it has finished. The contract has moved into a consolidation phase.
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