SINGAPORE: CBOT May wheat may bounce more to $4.52 per bushel, as it has cleared a resistance at $4.45-3/4. The resistance is identified as the 123.6 percent projection level of a downward wave c from $4.77-1/2. This wave could have travelled too fast to sustain. It was disrupted by the current bounce, which may extend to $4.52.
A break below $4.45-3/4, now a support, could signal a continuation of the wave c towards $4.36. On the daily chart, wheat found a support at $4.41, the 7 percent retracement on the downtrend from $6.30-1/4 to $4.27. It may bounce towards the resistance at $4.56-1/2.
Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.