SINGAPORE: CBOT December wheat is biased to revisit its Oct. 2 low of $4.39-1/2 per bushel, as its correction from the Sept. 27 high of $4.62-3/4 looks incomplete.
The correction may consist of five waves. So far, only four have completed.
The fifth wave labeled e is expected to start around $4.46 and then travel towards $4.39-1/2. A falling channel and a rising trendline suggest the same.
A Fibonacci retracement analysis on the uptrend from the Sept. 19 low of $4.35-3/4 to $4.62-3/4 reveals a resistance at $4.46, a break above which could lead to a gain into the range of $4.49-1/4 to $4.52-1/4.
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.
Comments
Comments are closed for this article.