SINGAPORE: The CBOT soybean May contract may drop further towards a range of $14.78-3/4 to $14.83-1/4 per bushel, as suggested by a projection analysis.
The analysis reveals a break below $14.94, the 61.8% projection level of a wave C from $15.38-1/2.
This wave has a better chance of extending to $14.66-1/2.
Another projection analysis on the wave c from $15.33-3/4 marks fine-tuned supports and resistances.
The 161.8% level of $14.89-1/4 came into focus.
The strong bearish momentum accumulated on Monday is expected to drive the price easily below this level, which is regarded as a key support.
Once falling below this barrier, the contract may extend loss into $14.61-3/4 to $14.68 range.
CBOT soybeans may edge up to $15.21-1/2 before falling
Resistance is at $14.95-1/2, a break above which could lead to a gain into $14.99-3/4 to $15.06-1/4 range.
On the daily chart, the contract is poised to break a support at $14.84-3/4 and fall towards $14.64-3/4, following its failure in February.
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