SINGAPORE: The CBOT soybean May contract may break a resistance at $16.90-1/4 per bushel and rise towards a range of $17.16-1/2 to $17.59-1/4.

The consolidation triggered by this resistance may have completed around a support at $16.74-3/4. Most of the time, the consolidation had been limited above a rising trendline.

The intact trendline suggests a steady uptrend, which could eventually extend above $17.59-1/4.

A break below $16.69 may cause a fall into $16.21-1/2 to $16.47-3/4 range.

On the daily chart, the contract is riding on a wave (3)-5, which consists of five smaller waves.

The fiercest wave 3 is unfolding.

Based on this wave count, the following rise could be sharp, quickly extending towards $17.67.

Strategically, the target will be available only when the contract breaks $16.94-1/2.

A break below $16.66-3/4 may signal an extension of the consolidation.

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