SINGAPORE: The CBOT soybean July contract may retest a support at $15.83-3/4 per bushel, a break could trigger a drop to $15.59-3/4.
The contract is riding on a powerful wave (3), which could travel to $15.59-3/4.
Immediate resistance is at $15.98-1/2, a break above may lead to a gain into $16.07-3/4 to $16.22-3/4.
CBOT soybeans may test support zone of $16.56-1/2 to $16.61-1/2
On the daily chart, the drop may pause in a support zone of $15.60-1/2 to $15.78, which is strengthened by a support of $15.66.