SINGAPORE: The CBOT soybean March contract may retrace into a range of $15.60-3/4 to $15.72-1/4 per bushel, before rising again.
The wave V-5 from Feb. 15 low of $15.42-1/4 may have completed its first part. The current part will be a drop towards the target zone.
A total of five small waves will make up the wave V-5.
As a result, the uptrend may eventually extend above $16.27-1/4. A break above $16.02-3/4 could confirm the continuation of the uptrend.
On the daily chart, the small spinning top on Thursday signals a hesitation of bulls. The contract may consolidate below the resistance at $15.96-1/4 for one or two days before resuming its rise.
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A break below $15.73-3/4 may cause a fall limited to $15.37-1/4.
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