SINGAPORE: The CBOT soybean November contract may retest a resistance at $14.85-1/2 per bushel, a break above which could lead to a gain into $15.01-1/2 to $15.17-1/2 range.

The surge on Tuesday confirmed a wave c from $14.33-3/4, which is expected to travel into a range of $15.01-1/2 to $15.17-1/2 range.

Meanwhile, the rise is controlled by a set of projection levels on a bigger wave (c) from $13.73.

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The resistance at $15.01-1/2 triggered a deep correction to $14.33-3/4.

It may cause a shallower one when being retested. Support is at $14.65-3/4, a break below which may be followed by a drop into $14.33-3/4 to $14.53-1/2 range.

On the daily chart, the contract broke a resistance at $14.71-1/2.

The break not only opened the way towards $15.14-3/4 but also acted as a milestone to bulls, as a bullish pennant becomes valid again, which suggests a target of $15.84-3/4.