SINGAPORE: The CBOT soybean May contract may test a resistance at $14.31-1/2 per bushel, a break above could lead to a gain to $14.46-1/2.

The contract has cleared a resistance at $14.20-1/2. The next resistance will be at $14.31-1/2.

The pattern from the March 11 low of $14.00-3/4 looks like a small inverted head-and-shoulders, which has been confirmed.

The pattern suggests a target of $14.46-1/2. A drop to $14.15 could make this pattern invalid. A bearish target of $14.04-1/2 would be established accordingly.

On the daily chart, the contract remains in a rising channel. It may keep climbing towards the upper channel line. Wave pattern suggests the completion of a wave iv, and the start of a wave v towards $14.54-3/4.

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