SINGAPORE: The CBOT soybean May contract may edge up to a resistance at $15.21-1/2 per bushel, before turning around and falling towards the March 10 low of $14.98. The downtrend is developing within a falling channel, which suggests a target of $15.21-1/2.

The trend is riding on a wave C which may travel into a wide range of $14.66-1/2 tp $14.94.

This wave count suggests a slim chance of the bounce to extend above $15.21-1/2. Support is at $15.06-1/4, a break below which may confirm the continuation of the downtrend towards $14.89-1/4 to $14.94 range.

On the daily chart, the current bounce from the March 10 low of $14.98 is regarded as the second pullback towards a rising trendline.

CBOT soybeans may drop into $15.06-1/4 to $15.11-1/2 range

The pullback may be limited to $15.24-3/4.

A close below $15.09-1/2 on Monday could be a convincing signal of a resumed fall towards $14.84-3/4.