CBOT wheat may retest support at $5.66-1/2
- A short falling trendline and a long rising trendline meet at $5.45-1/4, which works as a target as well.
SINGAPORE: CBOT March wheat may retest a support at $5.66-1/2 per bushel, a break below which could cause a fall to $5.55-3/4.
The support is provided by the 138.2% projection level of a downtrend from $6.28-3/4.
The trend is highly likely to extend to $5.55-3/4.
Resistance is at $5.73, a break above which could signal the continuation of the bounce from the Dec. 7 low of $5.65-1/2.
On the daily chart, a retracement analysis on the uptrend from $4.88-1/4 suggests a target zone of $5.45-1/4 to $5.63, formed by the 61.8% and the 50% levels.
A short falling trendline and a long rising trendline meet at $5.45-1/4, which works as a target as well.
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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