SINGAPORE: CBOT March wheat will fall to $6.02-1/2 per bushel, as a rebound from the Nov. 25 low of $5.86 has been completed.
The rebound has adopted an "a-b-c" corrective wave mode, indicating the low of $5.86 will be tested over the next few trading sessions.
Most likely, wheat will fall within a channel, and the lower channel line points to $6.02-1/2, the 61.8 percent Fibonacci retracement on the rise from $5.86 to $6.29-1/4.
Resistance is at $6.22, a rise above which will extend to $6.35.
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.
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