SINGAPORE: The CBOT soybean March contract may test a resistance at $16.21-3/4 per bushel, a break above which could lead to a gain to $16.52.
The contract has broken a resistance at $16.02-3/4.
The next resistance could be at $16.21-3/4. Below $16.02-3/4 is another key barrier at $15.91-1/4, which was supposed to stop the rise and trigger a deep correction.
However, the bullish momentum was underestimated.
It could be pushing the price towards $16.52 to $16.71 range.
Support is at $15.91-1/4, a break below which could cause a fall to $15.72-1/4.
On the daily chart, a rising trendline suggests a lower target zone of $16.21-3/4 to $16.40-1/2. The exhaustion gap forming on Feb. 7 works as the early warning of a limited upside.
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