SINGAPORE: The CBOT soybean March contract may rise to $14.01-1/2, as it has broken a resistance at $13.87 per bushel.

The next resistance will be at $14.01-1/2, a break above which could lead to a gain to $14.15.

The strength of the current rise suggests a continuation of the uptrend from $12.23-1/2.

The continuation will be confirmed when the contract breaks $14.01-1/2.

Soybeans near 1-week high on South American weather concerns; wheat firms

A break below $13.87, now a support, may cause a fall to $13.69-3/4.

On the daily chart, the contract broke a resistance at $13.85-3/4, the 76.4% retracement of the fall from $14.45-1/2. The break opened the way towards $14.11.

The bearish divergence on RSI has been temporarily ignored and a target of $13.19-1/4 aborted, unless the contract closes below $13.85-3/4 on Thursday.

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