SINGAPORE: The CBOT soybean July contract may break a resistance at $15.61-1/4 per bushel and rise into $15.74-3/4 to $15.96-3/4 range.

The contract is riding on a wave 5, which is unfolding towards a range of $15.96-3/4 to $16.18-3/4, as pointed by a rising trendline.

A small double-bottom forming around $14.90 suggests the target of $15.96-3/4 as well. Support is at $15.25-1/2, a break below which could cause a drop into $15.14-1/2 to $15.25-1/2 range.

On the daily chart, the uptrend is developing within a rising channel, which points at a target of $16.41-3/4.

The contract is retesting a resistance at $15.73, with a good chance of breaking above this level and rising to $16.41-3/4.

The uptrend from $8.33-1/4 will remain steady, even after the completion of the wave 5, as indicated by the wave pattern.

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