SINGAPORE: CBOT May wheat may test a resistance at $4.97-1/4 per bushel, as it has cleared a lower resistance at $4.89-1/2.
These resistances are identified respectively as the 76.4 percent and the 61.8 percent projection levels of an upward wave C from $4.57.
The downtrend from the March 2 high of $5.18-1/2 has been developing within a falling wedge, which also indicates a further bounce to $4.97-1/4.
A break above $4.97-1/4 could lead to a gain to $5.02-1/2, while a break below $4.89-1/2 could signal the continuation of the downtrend towards $4.83-1/4.
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.
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