SINGAPORE: The CBOT soybean May contract may retest a resistance at $14.62-1/2 per bushel, a break above which could lead to a gain into a range of $14.72-1/4 to $14.88-1/4.

The contract is riding on a wave C from $13.36-3/4, which is expected to extend into a range of $14.88-1/4 to $15.14-1/4, as it has deeply pierced above its 100% projection level of $14.46-1/2.

This wave is unfolding within a rising channel, which remains intact. A break below $14.31-1/2 would confirm a violation of this channel, and a bearish target of $14.04-1/2 will be established then.

On the daily chart, the contract is riding on a wave 5, which may travel to $15.51, as suggested by the depth of the wave 4.

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