CBOT wheat to gain to $8.16/bushel, uptrend resumes

SINGAPORE: CBOT March wheat could have resumed its long-term uptrend towards $8.16 per bushel, based on its wave pattern.

The rise from a Feb. 23 low at $7.23 has taken such a long time and risen to such a high level that it appears to be more than a rebound and could be the early part of a new uptrend.

A Fibonacci projection of the current wave "3" target points to $8.16, the 161.8 percent level, based on the length of the wave "1".

A further retracement from the current level could be limited to support at $7.72-3/4.