SINGAPORE: The CBOT soybean May contract is expected to rise into a range of $16.67-1/2 to $16.93-3/4 per bushel, as it has broken a falling trendline and a resistance at $16.46-1/4.

The next resistance will be at $16.67-1/2.

The break confirms both a completion of a wave c from $17.36-1/2, and the whole correction from $17.59-1/4.

Strategically, it is safe to target $16.67-1/2 to $16.93-3/4 range, which engulfs the peak of a wave b.

CBOT soybeans may drop into $15.80-3/4 to $15.98-3/4 range

A drop from the current level will be regarded as a pullback towards the trendline.

A break below $16.25 may cause a fall into $15.80-3/4 to $15.98-3/4 range.

On the daily chart, after failing to break the lower trendline of a wedge, the contract is rising towards the upper trendline which suggests a target of $17.13-1/2.

The rise is well controlled by a set of projection levels on the uptrend from $13.59-1/2.

The 150% level of $16.44-1/2 has been broken. The break opened the way towards $16.66-3/4 to $16.94-1/2 range.