SINGAPORE: CBOT soybean May contract may test a support of $14.93-1/4 per bushel, with a good chance of breaking below this level and falling into a range of $14.80-1/2 to $14.86-3/4.
The contract is riding on a wave c, the third wave of a three-wave cycle from the April 3 high of $15.27-3/4. This wave is expected to travel below the bottom of the wave around $14.80-1/2. Once the contract falls to $14.80-1/2, a double-top forming around $15.26 will be highly likely to complete.
It could suggest a target around $14.30.
China March soybean imports rise 8% on year
Resistance is at $15.07-1/4, a break above which could lead to a gain into $15.13-1/2 to $15.20 range. On the daily chart, a shooting star on Thursday confirmed a completion of the bounce from the April 10 low of $14.82-1/2.
The contract is poised to retest a support at $14.84-3/4, a break could open the way towards $14.64-3/4.
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