SINGAPORE: The CBOT soybean March contract may retest a resistance at $14.38-1/2 per bushel, a break above which could lead to a gain into $14.54 to $14.63-3/4 range.

The surge on Wednesday confirmed an extension of the uptrend, which is riding on an extended wave V. Five smaller waves make up this wave. The wave V-3 is unfolding.

It is supposed to be much longer than the wave V-1.

Support is at $14.23-3/4, a break below which could cause a fall into $13.97-1/4 to $14.13 range. On the daily chart, the contract is approaching the June 7, 2021 high of $14.45-1/2.

CBOT soybeans may test resistance at $14.13

The big white candlestick on Wednesday simply indicates a further gain above this high.

Support is fixed at $14.27-3/4, as the retracements on the fall from $14.45-1/2 still work well.

A break below this support may be followed by a drop to $14.11.

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