SINGAPORE: The CBOT soybean July contract is expected to test a support at $17.25-1/2 per bushel, a break below which could trigger a drop into $17.05-1/2 to $17.15-1/2 range.
The current fall observes a set of projection levels on an uptrend from $16.73-3/4.
The contract has broken a support at $17.37-1/2. It is falling towards the next support at $17.25-1/2, which is suggested by a rising channel.
A break above $17.46 may lead to a gain into $17.57-1/2 to $17.77-1/2 range.
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On the daily chart, the fall from the June 9 high of $17.84 looks like a pullback towards a trendline.
The pullback may complete in the support zone of $17.10-1/2 to $17.27-3/4.
A further fall below $17.10-1/2 may signal a reversal of the uptrend from $15.78.