CBOT wheat may test resistance at $7.10-1/2

SINGAPORE: CBOT December wheat may test a resistance at $7.10-1/2 per bushel, a break above which could lead to a gain into $7.16-1/4 to $7.25-3/4 range.

The rise on Wednesday suggests an extension of the bounce from the Sept. 10 low of $6.77. The bounce is riding on a wave c, which may end around $7.10-1/2 or extend to $7.25-3/4.

Support is at $7.01, a break below which may cause a fall into the range of $6.86 to $6.95-1/4.

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