SINGAPORE: CBOT September wheat may rise to $5.16 per bushel, as it has cleared a resistance at $5.09-1/4 per bushel.
The resistance is identified as the 38.2pc retracement of the downtrend from $5.44 to $4.88.
The next resistance is at $5.16, a break above which could lead to a gain to $5.22-1/2.
The contract failed to break a falling trendline in its first attempt, but may succeed in its second attempt. A drop below $5.08-1/4 may be extended to $5.01.
On the daily chart, wheat may retest a resistance at $5.17-1/2, the 38.2pc retracement on the downtrend from $5.92-3/4 to $4.71.
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