CBOT wheat poised to rise to $6.93
- The resistance is strengthened by another one established by a falling trendline.
SINGAPORE: CBOT May wheat is poised to break a resistance at $6.79-1/4 per bushel and rise to $6.93.
The resistance is strengthened by another one established by a falling trendline.
After a deep correction, the contract managed to briefly pierce above $6.79-1/4.
The indication is clear that bulls are determined to overcome this barrier and rise towards $6.93. Support is at $6.69-1/4, a break below which could cause a fall to $6.54-3/4.
On the daily chart, wheat has climbed high above a falling channel. This move suggests a continuation of the uptrend from the June 26, 2020 low of $4.94-1/4.
Based on a duplicated channel, wheat may rise to $7.20, which still looks too far to be realistic.
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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