SINGAPORE: The CBOT soybean May contract faces a resistance at $14.88-1/4 per bushel. It may hover below this level or retreat towards the support at $14.72-1/4 again.

The correction triggered by the resistance may consist of three legs. So far, only the first leg has completed. The second leg may end around $14.88-1/2, to be reversed by the third leg.

A break above $14.88-1/2 may lead to a gain to $15.14-1/4.

A realistic target will be $15.01-1/4. On the daily chart, the contract faces a similar resistance at $14.91-1/2.

From the April 13 low of $13.78, the rise has not been disrupted by a correction yet. Such a correction may be triggered by $14.91-1/2.

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