SINGAPORE: CBOT May wheat may fall into a range of $6.11-1/2 to $6.16-3/4 per bushel, as a downtrend from $6.88-1/2 may have resumed.
The bounce from $36.21 has been almost reversed.
This reversal took place after wheat failed to break a falling trendline.
It is clear that the downtrend remains steady and is extending towards the target zone.
Resistance is at $6.24-1/4, a break above which could lead to a gain into $6.27-3/4 to $6.32-1/4.
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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