SINGAPORE: The CBOT soybean March contract may break a support at $15.38-1/2 per bushel and fall to $15.30-3/4. The contract failed twice to break a resistance at $15.55-3/4.
A temporarily top has formed around this level.
The two drops triggered by this resistance could hardly be classified as pullback towards a falling trendline, as it seems to be due to the completion of a five-wave cycle from $15.12-3/4.
This cycle is expected to be further reversed, unless the uptrend turns out to be extremely strong.
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A break above $15.46 could lead to a gain into $15.55-3/4 to $15.62-1/4 range.
On the daily chart, a resistance at $15.51-1/2 has triggered a pullback towards a former resistance zone of $15.30-1/2 to $15.35.
The doji on Monday signals an extension of the pullback towards the zone.