CBOT wheat to end rebound around $6.49-1/4

SINGAPORE: CBOT March wheat will end the current rebound on Thursday around a resistance at $6.49-1/4, the 100 percent Fibonacci projection level of a wave "c".

This is the final wave of a corrective cycle that started at the Feb. 16 low of $6.21, and it is expected to roughly travel the same length as the wave "a".

The resistance at $6.49-1/4 has been strengthened by a trendline descending from the Feb. 1 high of $6.83-3/4, and chances are high for the wave "c" to end very soon.

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Copyright Reuters, 2012