SINGAPORE: The CBOT soybean May contract may rise into a range of $14.31-1/2 to $14.46-1/2 per bushel, as it has cleared a resistance at $14.20-1/2.

The next resistance will be at $14.31-1/2, a break above which could lead to a gain to $14.46-1/2. The pattern from the March 11 low of $14.00-3/4 looks like a small inverted head-and-shoulders.

The pattern has been confirmed, as the moderate pullback towards its neckline is over. It suggests a target around $14.46.

A fall below $14.12-3/4 could make this pattern invalid.

This fall may be extended into the range of $13.91-1/2 to $14.04-1/2 then.

On the daily chart, the contract is rising within a channel.

It may keep climbing towards the upper channel line. Wave pattern suggests the progress of a wave v towards $14.54-3/4.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.