SINGAPORE: The CBOT soybean May contract may slide more into a range of $14.98 to $15.03-3/4 per bushel, driven by a wave c. This wave has travelled far below its 100% projection level of $15.12-3/4. I
t has a better chance of extending into $14.98 to $15.03-3/4 range.
A big obstacle will be at $15.03-3/4, which will work together with a strong support of $15.04, to stop the fall and trigger a bounce. Once the contract breaks these supports, it is expected to drop deeply towards $14.76.
CBOT soybeans may test support at $15.12-3/4
Resistance is at $15.09-1/4, a break above could lead to a gain to $15.12-3/4.
On the daily chart, a retracement analysis reveals a target zone of $14.54-1/4 to $14.90-3/4, as the uptrend from $13 may have reversed.
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