SINGAPORE: CBOT soybean May contract may bounce into a range of $14.60-1/2 to $14.68-1/4 per bushel, as it has broken resistance at $14.53-1/4.
A bounce as strong as the one from $14.80 could extend towards $14.60-1/2, as suggested by a falling channel.
The bounce could be labelled as wave d or a part of wave c. Both wave modes indicate a steady downtrend from $15.31-1/2.
A break below $14.48-1/2 could open the way towards $14.36-1/4.
On the daily chart, the contract found a support in a zone of $14.42 to $14.44-3/4, which triggered a bounce.
CBOT soybeans may fall into $14.48-1/2 to $14.53-1/4 range
It is not very clear how strong the bounce would be.
The retracement analysis on the uptrend from $13.80 reveals a limit of $14.64-3/4.
A break below $14.42 could confirm the continuation of the downtrend towards $14.20.
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