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SINGAPORE: CBOT July wheat may retest a resistance at $4.30-3/4 per bushel, a break above which could open the way towards $4.37-1/2.

The resistance is provided by the 23.6 percent Fibonacci projection level of an upward wave C, the third wave of a

three-wave cycle from the April 25 low of $4.16.

The first part of the wave C from the May 16 low of $4.20-1/4 seems to have adopted a five-wave mode, which suggests the Wednesday high of $4.32-1/4 could be revisited.

Support is at $4.26-3/4, a break below which could cause a loss to $4.23-1/4.

Copyright Reuters, 2017

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