SINGAPORE: The CBOT soybean May contract may retest a resistance at $14.20-1/2 per bushel, a break above which could lead to a gain to $14.31-1/2.

The contract has found a strong support at $13.91-1/2. The bounce triggered by this support may consist of three waves. So far, only the first wave is over.

The current wave b may end around $14.04-1/2, to be reversed by a wave c.

The contract may not retest the resistance if it breaks $14.04-1/2 first, as the break could open the way towards $13.91-1/2.

On the daily chart, the contract managed to stay in a rising channel, which remains intact.

Wave pattern suggests the completion of a wave iv, and the start of a wave v towards $14.54-3/4.

A break below $13.95 may cause a fall into the $13.58-1/4 to $13.76-3/4 range.

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