SINGAPORE: The CBOT soybean May contract may extend its gains into a range of $15.30-1/4 to $15.41-1/4 per bushel, as it has briefly pierced above a resistance at $15.14-1/4.

Generally, the 161.8% projection level works as a strong resistance. However, a detailed study on the ten-minute chart suggests an incomplete five-wave cycle.

The resistance at $15.14-1/4 may not hold.

In case of a correction, first support is at $15.01-1/4, a break below which could open the way towards the range of $14.72-1/4 to $14.88-1/4.

On the daily chart, there is no bearish reversal signal yet.

The contract may keep on shooting into a range of $15.32-3/4 to $15.51.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.