CBOT wheat may rise into $5.60 to $5.63-3/4 range

• Support is at $5.51-1/4, a break below which could cause a fall into the range of $5.43-1/2 to $5.47-3/4.
• The resistance is identified as the 61.8pc projection level on a downtrend from $5.76-1/2.

SINGAPORE: CBOT March wheat may break a resistance at $5.56 per bushel and rise into the range of $5.60 to $5.63-3/4.

The resistance is identified as the 61.8pc projection level on a downtrend from $5.76-1/2.

The trend has reversed, as indicated by a break above the falling trendline.

The contract seems to have completed a pullback towards this trendline and resumed its rally.

Support is at $5.51-1/4, a break below which could cause a fall into the range of $5.43-1/2 to $5.47-3/4.

On the daily chart, the break below a rising trendline proved false, as wheat surged above this line.

The uptrend from Sept. 3, 2019 low of $4.57-3/4 may have resumed.