SINGAPORE: CBOT soybean May contract may rise to $15.36-1/2 per bushel, driven by a wave C. The rise on Monday seems to have confirmed an extension of the uptrend from $14.05.
The trend is riding on a wave C which may travel into a range of $15.36-1/2 to $15.65-1/4.
The pattern from $14.05 looks like a pennant, which indicates a target far above $15.65-1/4.
A break below $15.18-3/4, now a support, may be followed by a drop to $15.07-3/4.
CBOT soybeans may retest support of $14.93-1/4
On the daily chart, the pattern from the Feb. 28 low of $14.77-3/4 increasingly looks like an inverted head-and-shoulders.
Once confirmed, it will suggest an aggressive target of $16.60.
The only explanation to such a strong rally could be a continuation of the uptrend from the July 22, 2022 low of $13. A break above $15.24-3/4 may confirm the pattern.
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