SINGAPORE: The CBOT soybean May contract may test a resistance at $14.04-1/2 per bushel, a break above which could lead to a gain to $14.20-1/2.

The contract not only stabilised around a support at $13.78-1/2, which is strengthened by another one at $13.73-1/4, but also rose above a resistance at $13.91-1/2.

The next resistance will be at $14.04-1/2. It is not very clear how high this bounce could extend, as its nature remains unknown.

The bounce could be a resumption of the uptrend or a moderate reversal of the downtrend. In either case, the contract is likely to rise to $14.04-1/2.

Only a break below $13.78-1/2 could confirm the continuation of the downtrend.

On the daily chart, the contract found a similar support at $13.76-3/4, around which, a spinning top formed on Tuesday.

This is the bullish reversal pattern, signalling a further gain on Wednesday.

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