SINGAPORE: The CBOT soybean November contract may retest a narrow resistance zone of $14.15-3/4 to $14.24-1/2 per bushel, a break above which could lead to a gain to $14.36-3/4.

The contract is riding on a wave 3 from $12.59-3/4.

This wave consists of five smaller waves. So far, only four waves have unfolded.

The wave v has just started, unfolding towards $14.24-1/2. Support is at $13.82, a break below which could cause a fall into $13.48-1/4 to $13.69 range.

On the daily chart, the contract is riding on a wave (5), which may extend above $14.80.

The moderate consolidation below a resistance at $14.24 represents a prevailing bullish sentiment.

Based on the signals on hourly chart, the consolidation could have ended.

However, resumption of the wave (5) will be confirmed when the contract breaks $14.24.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.