SINGAPORE: The CBOT soybean July contract may bounce to $16.11-3/4 per bushel, as it has found a strong support at $15.79-1/4.
The support is identified as the 161.8% projection level of a wave C from $17.04-3/4.
The strong bounce triggered by the support indicates a completion of the wave C.
The bounce may be as strong as the one from the May 4 low of $16.22.
A falling channel suggests a target of $16.11-3/4.
China April soybean imports rise after delayed cargo arrivals
Support is at $15.90-3/4, a break below which may open the way towards $15.68 to $15.79-1/4 range.
On the daily chart, the current bounce looks like a pullback towards the former support at $16.11, which is near $16.11-3/4 (hourly chart).
From a longer perspective, the trending signal remains bearish, as there was a failed fifth wave around $17.34.
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