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CBOT wheat may test support at $5.16-1/2
- The support is identified as the 100pc projection level of an uptrend from $4.87-3/4.
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SINGAPORE: CBOT September wheat may test a support at $5.16-1/2 per bushel, a break below which could cause a fall to $5.11-1/4.
The support is identified as the 100pc projection level of an uptrend from $4.87-3/4.
The contract is pulling back towards a resistance at $5.20-3/4, the 38.2pc retracement of the uptrend from $4.71 to $5.51-3/4.
The pullback may end around this resistance, a break above which, however, could lead to a gain into the range of $5.27-1/4 to $5.30-3/4.
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