SINGAPORE: The CBOT soybean March contract is poised to break a resistance at $13.89-1/4 and revisit the Feb. 9 high of $14.09-1/2 per bushel.

A wedge is developing, which looks like a bullish continuation pattern, as it appeared after an uptrend. It suggests a further gain into the range of $13.99-3/4 to $14.09-1/2.

After two failures, the contract is likely to break past$13.89-1/4 this time. Support is at $13.76-3/4, a break below which could cause a fall to $13.56-3/4.

On the daily chart, there is a similar resistance at $13.97. The sideways move over the past two days could be due to an accumulation of the bullish momentum.

Signals will immediately turn bearish, if the contract falls below the Wednesday low of $13.76-1/4,as this fall could indicate an extension of the downtrend from $14.36-1/2.

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