SINGAPORE: The CBOT soybean November contract may retest a resistance at $14.23-3/4 per bushel, a break above may open the way towards $14.31-1/4 to $14.42-1/4 range.

The current bounce from the Wednesday low of $13.90-3/4 may consist of three waves.

So far, only two have unfolded.

The wave c is yet to travel into $14.31-1/4 to $14.42-1/4 range.

A break below $14.02-3/4 may signal the completion of the bounce and the continuation of the downtrend.

CBOT soybeans may test support at $13.96

On the daily chart, the contract stabilized around a support at $13.95-3/4.

A falling channel suggests a bounce towards $14.38-3/4.

The downtrend from $15.08-3/4 remains steady. It is riding on a powerful wave C, which may resume when the current bounce ends around $14.38-3/4.