CBOT wheat may retest resistance at $6.74-3/4
- Wheat is expected to rise towards this high again.
SINGAPORE: CBOT March wheat may retest a resistance at $6.74-3/4 per bushel, a break above could lead to a gain into $6.79 to $6.84-1/4 range.
The downtrend from the Jan. 15 high of $6.93 or its first leg may have completed. Wheat is expected to rise towards this high again.
A realistic target would be $6.79 or $6.84-1/4, respectively the 61.8% and $76.4% retracements of the fall from $6.93. Support is at $6.65, a break below which could cause a fall into $6.59 to $6.61-3/4 range.
On the daily chart, the long-shadowed hammer forming on Wednesday indicates the current drop is against the short trend from the Jan. 11 low of $6.28-3/4.
Wheat is expected to rise towards $6.80-3/4 on Thursday.
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