SINGAPORE: The CBOT soybean July contract may test a support at $15.58-1/2 per bushel, a break below could cause a fall to $15.32-3/4.

The fall from $16.67-1/2 has resumed towards $15.11-3/4, as indicated by a pennant and a projection analysis. However, the journey towards this level could be bumpy.

The contract consolidated above a support at $15.79-1/4 for a few days. It is facing a stronger support at $15.58-1/2, which may hold and trigger a bounce as well.

A break above $15.79-1/4, now a resistance, could lead to a gain to $16.00. On the daily chart, the contract is riding on a wave (4), which may travel towards the bottom of the wave 4 around $13.55.

A projection analysis reveals a break below a support at $15.73. The break opened the way towards $15.04-1/4.

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