SINGAPORE: The CBOT soybean March contract may fall into a range of $13.56-1/4 to $13.72 per bushel, due to the completion of a five-wave cycle from $12.23-1/2.

The fifth wave, the wave (5), could be well broken down into five smaller waves. Such a structure, along with the drop on Monday and the bearish divergence on RSI, confirms a completion of the cycle.

The wave (4) ended around $13.31, which serves as a target for this week.

Resistance is at $13.97-1/4, a break above which could lead to a gain to $14.13.

Bearish divergence also formed on the daily RSI.

It is a more powerful signal than the one on hourly chart.

With the contract having briefly pierced below a support at $13.85-3/4, chances are it may fall to $13.49.

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