CBOT wheat may retest resistance at $6.79-1/4
- Indeed, the uptrend may have resumed towards $7.67-1/2
SINGAPORE: CBOT September wheat may retest a resistance at $6.79-1/4 per bushel, probably after a correction to $6.61-1/4. The sharp surge on Wednesday failed to maintain its momentum.
A retracement analysis on the fall from $7.08-1/2 to $6.32-1/4 reveals a key resistance at $6.79-1/4, which temporarily stopped the rise.
The contract may retreat a bit further, to complete a pullback towards a falling trendline.
A break above $6.79-1/4 could lead to a gain into the $6.90-1/2 to $7.08-1/2 range.
On the daily chart, the contract climbed above a resistance at $6.66-1/2.
It is pulling back towards this level.
Thanks to the strong rise on Wednesday, the uptrend from $5.03-3/4 remains steady.
Indeed, the uptrend may have resumed towards $7.67-1/2.
A realistic target could be $7.05-1/4.
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.
Comments
Comments are closed for this article.