Markets
CBOT wheat targets $6.54-1/2 a bushel
SINGAPORE : CBOT December wheat will break below a support at $6.81-3/4 per bushel, and fall more towards $6.54-1/2.
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SINGAPORE: CBOT December wheat will break below a support at $6.81-3/4 per bushel, and fall more towards $6.54-1/2.
The contract is firm on a downward wave "3" which is heading towards $6.54-1/2, the 261.8 percent Fibonacci projection level, based on the length of the wave "1" that fell from $7.95-3/4 to $7.50 and the peak of the wave "2" at $7.74-1/4.
A rebound will be limited to $7.00, the 161.8 percent Fibonacci projection level.
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, 2011
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