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CBOT soybeans may retest support at $14.92-1/4

SINGAPORE: The CBOT soybean July contract may test a support at $14.92-1/4 per bushel, with a good chance of breaking below this level and falling into $14.60-1/4 to $14.80-1/4.

The contract is riding on a wave c, which is capable of travelling into the range of $14.60-1/4 to $14.92-1/4. The current fall does not seem to end around $$14.92-1/4, as the contract has approached this level the second time.

Resistance is at $15.12-1/4, a break above which could lead to a gain to $15.24-1/2.

On the daily chart, the contract is expected to retreat towards the lower channel line, which establishes a support around $14.70.

The uptrend is expected to resume upon the completion of the correction.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

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