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

The contract has just cleared a lower resistance at $14.04-1/2. As long as it hovers above this level, it may test $14.31-1/2.

The contract may fail to break $14.31-1/2 in its first attempt, as this resistance is near the peak of the wave b.

A break below $14.20-1/2, now a support, could open the way towards $14.04-1/2.

On the daily chart, the contract is observing a set of projection levels. It has climbed $14.17-3/4 and is heading towards $14.33-1/2 to $14.54-3/4 range.

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