SINGAPORE: The CBOT soybean March contract may break a resistance at $13.74 per bushel and rise into $13.86-1/2 to $13.99 range.

The contract is riding on a powerful wave 3, which observes closely a set of projection levels, based on the rise from $12.46-1/4 to $12.99-1/2.

The nearest resistance is at $13.74, the 176.4% level which caused a correction that has been almost reversed. The reversal signals a continuation of the uptrend.

Support is at $13.53-1/2, a break below which could cause a fall into a narrow support zone of $13.41 to $13.45-3/4.

On the daily chart, the contract has broken a resistance at $13.52-1/2, the 561.8% level. The next resistance could be at $13.85, a break above which may lead to a gain into $14.05 to $14.37-1/2 range.

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