SINGAPORE: The CBOT soybean May contract may test a resistance at $14.72-1/4 per bushel, a break above which could lead to a gain to $14.88-1/4.

The contract has finally cleared a key resistance at $14.54. The break opened the way towards the range of $14.88-1/4 to $15.14-1/4.

A break below $14.54, now a support, may cause a fall into $14.31-1/2 to $14.46-1/2 range.

On the daily chart, the contract has broken a similar resistance at $14.54-3/4. It is heading towards the zone of $14.77-1/2 to $14.91-1/2.

Based on the depth of the correction from the March 8 high of $14.60 to the March 30 low of $13.64-1/4, the contract may rise to $15.57.

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