SINGAPORE: The CBOT soybean May contract may test a resistance at $14.20-1/2 per bushel, a break above could lead to a gain at $14.31-1/2.

The contract rose above a resistance at $14.04-1/2. The next resistance will be at $14.20-1/2. A wave b peaked at $14.31, which works as a target.

A break below $14.04-1/2, now a support, may cause a fall to $13.91-1/2. The downtrend from the April 1 high of $14.56-1/4 will be considered to have resumed, once the contract falls to $13.91-1/2.

Signals are a bit mixed on the daily chart, as the contract seems to be stuck in a range of $13.76-3/4 to $14.54-3/4. An escape could suggest a direction.

Based on the readings on the hourly chart, the contract may edge up into the range of $14.33-1/2 to $14.54-3/4 first.

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