SINGAPORE: The CBOT soybean July contract may retest a resistance at $15.96-3/4 per bushel, a break above which could lead to a gain to $16.18-3/4.

The contract is riding on a wave 5, which is unfolding towards $16.18-3/4. A rising trendline points to a higher target of $16.32-1/4.

The resistance at $15.96-3/4 triggered a correction which may end around $15.74-3/4. An extension of the correction could be limited to $15.61-1/4.

A correction from the current level will be regarded as a pullback towards the former resistance at $15.74-3/4, now a support.

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

The contract has broken a resistance at $15.73. The correction on the hourly chart also looks like a pullback towards this former resistance, now a support.

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