SINGAPORE: The CBOT soybean July contract is expected to rise towards $17.35-1/4 per bushel, as it has broken a resistance at $17.05-1/4.
A five-wave cycle from $17.84 has completed around a strong support at $16.81, as confirmed by the decent bounce from the Wednesday low of $16.82-1/4.
The contract is expected to approach the peak of the wave 4 at $17.28-1/4.
A break below $17.05-1/4, now a support, may trigger a shallow fall to $16.99, a support provided by the falling trendline.
CBOT soybeans to test support at $17.25-1/2
On the daily chart, the spinning top on Wednesday around a support of $16.85 signals a reversal of the downtrend.
The contract may bounce into $17.27-3/4 to $17.51-1/2 range.
The downtrend may resume upon completion of the bounce, as a rising channel suggests an extension of the trend towawrds $16.44-1/4.
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