SINGAPORE: The CBOT soybean May contract may break a support at $14.04-1/2 per bushel, and fall into $13.78-1/2 to $13.91-1/2 range.

The contract failed to break this support on April 1. The following bounce was disappointingly weak. It has ended around $14.31-1/2.

With the contract retesting the support at $14.04-1/2, it has a better chance of overcoming this barrier and falling into the target zone.

A break above $14.20-1/2 could lead to a gain into $14.31-1/2 to $14.46-1/2 range.

On the daily chart, the pattern around $14.54-3/4 looks like a double-top, based on the weak bounce from the April 1 low of $13.98-1/2.

This pattern will be confirmed when the contract breaks $13.76-3/4. It has a strong bearish indication.

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