Markets
CBOT wheat to rise to $7.84-3/4 a bushel
SINGAPORE : A bullish target has been established for CBOT July wheat at $7.84-3/4 per bushel, based on its wave pattern
By
SINGAPORE: A bullish target has been established for CBOT July wheat at $7.84-3/4 per bushel, based on its wave pattern and a Fibonacci projection analysis.
The rise to the previous trading session high at $7.77 has completed a wave (1), and the subsequent swift drop to $7.40 finished a wave (2). A fierce wave (3) is unfolding towards a 100 percent Fibonacci projection level.
Support is at $7.40, a fall below which will extend to $7.32.
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, 2011
More Stories
Comments
Comments are closed for this article.