SINGAPORE: The CBOT soybean November contract may test a resistance at $13.83-1/4 per bushel, a break above which could lead to a gain into the $13.87-1/4 to $13.94-1/4 range.

The contract has broken a lower resistance at $13.76-1/2. The break confirms an extension of a wave 3 towards the range of $13.94-1/4 to $14.05.

A realistic target will be $13.87-1/4, which will be available when the contract breaks the immediate resistance of $13.79-3/4.

CBOT soyabeans close higher on export demand, strong vegoils

A runaway gap formed on Tuesday, which represents the fierce character of this wave. Support is fixed at $13.73, a break below which cause a fall into $13.65-1/2 to $13.70 range.

On the daily chart, the contract climbed above a falling channel. It has moved into a price band defined by a duplicated channel, which suggests a target around $14.18.

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