Thursday, 23 February 2012 11:35
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.
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.
Copyright Reuters, 2012