SINGAPORE: The CBOT soybean May contract may rise into a zone of $14.31-1/2 to $14.46-1/2 per bushel, following its stabilization around a support at $14.04-1/2.

The drop from the April 1 high of $14.56-1/4 is classified as a pullback towards a falling trendline.

The pullback has overshot the trendline a bit.

The strength of the bounce from the same day low of $13.98-1/2 indicates a resumption of the uptrend.

A break below $14.04-1/2 could open the way towards the range of $13.78-1/2 to $13.91-1/2.

On the daily chart, the contract is presumed to be riding on a wave iii, which is capable of travelling into a range of $15.14-1/4 to $15.51.

The correction on April 1 is much shallower than the one from the March 8 high of $14.60.

This relation has a bullish indication that eventually, the contract would break $14.54-3/4.