SINGAPORE: The CBOT soybean May contract may retest a resistance at $15.38-1/2 per bushel, a break above which could lead to a gain into $15.41-3/4 to $15.47 range.
The rise observes closely a set of projection levels on the uptrend from $14.89-1/2. After surging far above the 161.8% level of $15.25, the contract has a better chance of rising into $15.41-3/4 to $15.47 range.
The correction triggered by the resistance seems to be ending around $15.25. The rise may resume towards the target zone.
CBOT soybeans may drop into $15.06-1/4 to $15.11-1/2 range
A break below $15.25 could open the way towards $15.14-1/2 to $15.19-3/4 range. On the daily chart, the successive gain over the past few days is so strong that it could be hardly classified as a pullback towards a rising trendline. Most likely, the uptrend has resumed.
To maintain the trend, the contract has to stay above $15.09-1/2, as a break below which could signal the extension of the downtrend from $15.49-3/4.
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