SINGAPORE: CBOT May wheat may gain more into a range of $4.69-3/4 to $4.76-1/4 per bushel, as suggested by an inverted head-and-shoulders and a retracement analysis.
The pattern developed from March 21 and has been more or less confirmed, after its neckline was briefly pierced above. It suggests a target around $4.84-1/2, the 76.4 percent retracement of the downtrend from $4.98 to $4.41-1/2.
This target will only be confirmed when wheat stands firm above $4.63, as the longer it hovers below this level, the more likely it drops into the range of $4.49-1/2 to $4.54-3/4.
A more realistic target could be either $4.69-3/4 or $4.76-1/4.
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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