SINGAPORE: The CBOT soybean May contract may break a support at $16.43-3/4 a bushel and fall to $16.22-1/2.

The correction from the Feb. 24 high of $17.59-1/4 consists of three waves. The current wave c could travel into a range of $15.53-3/4 to $16.22-1/2.

The bounce triggered by the support is classified as a pullback towards a rising trendline. With the contract approaching $16.43-3/4 again, the wave c may have resumed.

Resistance is at $16.65, a break above which could lead to a gain to $16.91-1/4.

On the daily chart, the contract is falling towards the lower trendline of a triangle.

A break below $16.22 could confirm the triangle as a top pattern, while a break above $16.94-1/2 could suggest a continuation of the uptrend towards $17.39-1/2.

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