SINGAPORE: CBOT December wheat looks neutral in a range of $8.40-1/4 to $8.60-3/4 per bushel, but is biased to rebound one more time to $8.60-3/4.
The sideways move within the range is due to the completion of a five-wave cycle on the fall from $8.94 to $8.40-1/4.
A Fibonacci retracement analysis reveals a resistance at $8.60-3/4, the 38.2 percent level, which could be the ultimate high to the rebound from $8.40-1/4.
Support is at $8.40-1/4, a break below which will confirm the resumption of the preceding fall from $8.94 towards $8.31-1/2, the 76.4 percent Fibonacci projection level of a downward wave C.
No information in this analysis should be considered as being business, financial or legal advice.
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