SINGAPORE: The CBOT soybean November contract may break a resistance at $14.53 per bushel and rise into $14.76-3/4 to $15.00-1/4 range.

The contract is riding on a wave C from $13.76-1/2. This wave is expected to travel into a wide range from $15.00-1/4 to $15.77.

A wedge looks like a bullish continuation pattern. It will be confirmed when the contract breaks $14.53. Both this wedge and the wave pattern suggest a further gain.

The support at $14.23-3/4 stays too far away to be valuable.

CBOT soybeans may test resistance at $14.13-3/4

A closer look at the ten-minute chart reveals a realistic target of $14.43, a break below which may trigger a drop into $14.29 to $14.35-1/4 range.

On the daily chart, the contract has been consolidating within a range of $13.58-1/4 to $14.71-1/2.

The consolidation, along with the preceding rise from $12.88-1/2, makes a bullish pennant, which indicates target of $15.84-3/4.