SINGAPORE: The CBOT soybean May contract may break a support at $15.80-3/4 per bushel and fall to $15.56-1/4.

The support is provided by the 86.4% projection level of a downward wave C from $17.36-1/2.

The contract is expected to fulfil its target of $15.56-1/4.

A break above $15.98-3/4 may lead to a gain to $16.25.

On the daily chart, the current fall has been well controlled by a set of projection levels on the uptrend from $13.59-1/2.

CBOT soybeans may fall to $16.22-1/2

The big black candlestick on April 1 suggests a further drop on Monday.

However, a close above $15.77 would suggest a bounce towards $16.22 over the next few days.