SINGAPORE: CBOT Dec. wheat is expected to rebound moderately to $6.28 as it refused to drop further after touching a support at $6.18-3/4.
The support was provided by a trendline rising from $5.96-3/4 and passing trough $6.12, and it may not be strong enough to stop the current fall towards another pivotal support at $6.12.
At this juncture, there will be two scenarios: one is the contract develops an upward wave "e" towards $6.55, to complete a contracting triangle and the other is the triangle will be confirmed very soon, if the low at $6.12 could be broken.
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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