SINGAPORE: The CBOT soybean July contract may retest a resistance at $15.58 per bushel, a break above which could open the way towards $15.68-3/4 to $15.82-1/4 range.

The strong rise on Thursday signals a completion of the fall from the May 12 high of $16.67-1/2. The rise still observes closely a set of the projection levels of a downward wave c from $16.04-1/4.

A small double-bottom forming around $14.89-3/4 suggests a target of $15.68-3/4. Support is at $15.33-1/2, a break below which may be followed by a shallow drop to $15.24-1/4.

On the daily chart, the contract failed to break a support at $15.04-1/4, the 38.2% projection level of an uptrend from $12.82-1/4.

Based on this projection analysis, the contract may test a resistance at $15.73, a break above which could lead to a gain to $16.41-3/4.

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