SINGAPORE: CBOT December wheat may fall more to $5.51-1/2 per bushel, as it has cleared a support at $5.66.
The support is provided by the 38.2 percent retracement on the uptrend from $4.90 to $6.13. The next support will be at $5.51-1/2, a break below which could cause a loss to $5.36-3/4.
This retracement analysis suggests that eventually wheat could fall into the range of $5.36-3/4 to $5.51-1/2. A double-top indicates a target around $5.36-3/4 as well.
A bounce from the current level will be regarded as a pullback towards the neckline of the double-top. The pullback may be limited to $5.75-1/4.
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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