CBOT soybeans could retest support at $15.47-1/2
- The uptrend is expected to resume upon the completion of the correction.
SINGAPORE: The CBOT soybean May contract could retest a support at $15.47-1/2 per bushel, with a good chance of breaking below this level and falling to $15.37-3/4.
The deep fall from the Tuesday high of $16.08-3/4 consists of three waves. The third wave labeled c is unfolding towards a range of $15.06-1/4 to $15.37-3/4.
This wave is highly likely to end in the support zone of $15.25-3/4 to $15.37-3/4, as indicated by the strong rise from the April 13 low of $13.78. Resistance is at $15.69-1/4, a break above which could lead to a gain to $15.89.
On the daily chart, the contract is expected to retreat towards the lower channel line, which establishes a support around $15.14-1/4. The uptrend is expected to resume upon the completion of the correction.
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