SINGAPORE: Signals will be neutral so long as CBOT December wheat remains in a range of $8.85-3/4 to $8.99 per bushel.
The range has been formed by an hourly chart low and the 61.8 percent Fibonacci retracement on the fall from $9.17-1/2 to $8.68-3/4.
A fall below $8.85-3/4 will signal the completion of a rebound from $8.68-3/4 and wheat will revisit this Wednesday low, while a rise above $8.99 will extend to $9.17-1/2.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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