SINGAPORE: CBOT May wheat may test a support at $6.05-1/2 per bushel, a break below could open the way towards $5.95-3/4.
A downward wave C has travelled far below its 100% projection level of $6.21-1/2. Chances are it may extend into a range of $5.80 to $5.95-3/4.
A bounce from the current level could be weak, probably limited to a range of $6.16-3/4 to $6.21-1/2.
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