SINGAPORE: The CBOT soybean March contract may break a resistance at $13.97-1/4 per bushel and rise into $14.13 to $14.23-3/4 range.

The contract failed twice to break a support at $13.72. The failures marked the completion of a correction from the Jan. 7 high of $14.15.

The bounce on Wednesday was so strong that it indicated an extension of the wave 5.

However, the extension will not be confirmed until the contract breaks $14.13.

CBOT soybeans may retest support at $13.72

A break below $13.84-3/4 could open the way towards $13.56-1/4 to $13.72 range. On the daily chart, the bearish divergence appeared on RSI, which contradicts the bullish readings on the hourly chart.

A further gain from the current level could still be possible, but most likely, the upside will be limited to about $14.11.

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