BR100 3,809 Increased By ▲ 10 (0.26%)
BR30 19,495 Increased By ▲ 58 (0.3%)
KSE100 36,836 Increased By ▲ 90 (0.25%)
KSE30 15,968 Increased By ▲ 40 (0.25%)
COVID-19 TOTAL DAILY
CASES 255,769 2165
DEATHS 5,386 66
Sindh 107,773 Cases
Punjab 88,045 Cases
Balochistan 11,239 Cases
Islamabad 14,315 Cases
KP 31,001 Cases
Markets

CBOT wheat biased to rise towards $5.08-3/4

SINGAPORE: CBOT September wheat is biased to break a resistance at $5.01-3/4 per bushel and rise to $5.08-3/4.

The re

Jul 31 2019

SINGAPORE: CBOT September wheat is biased to break a resistance at $5.01-3/4 per bushel and rise to $5.08-3/4.

The resistance is identified as the 50% projection level of a downward wave c from $5.31-1/2. The 76.4% level of $4.86 triggered a decent bounce which suggests the completion of this wave.

So long as wheat hovers above $4.94-3/4, it is likely to retest $5.08-3/4. A break below $4.94-3/4 may confirm the continuation the wave c towards $4.72-1/4.

The biggest problem with the current market is the shortage of a momentum, be it bullish or bearish.

* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of  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. **

Copyright Reuters, 2019