SINGAPORE: A bearish target at $8.49-1/4 per bushel remains unchanged for CBOT December wheat as it has broken below a support at $8.71-1/4.
The support is at the 61.8 percent Fibonacci retracement on the rise from $8.49-1/4 to $9.07. The break below this level has strongly indicated the preceding rebound from $8.49-1/4 would be totally reversed.
A recovery of the price above $8.71-1/4 will make the signals neutral, as it will cast doubt on the further development of the downtrend that started from $9.07.
No information in this analysis should be considered as being business, financial or legal advice.
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