SINGAPORE: CBOT March wheat may retest a support at $7.65-3/4 per bushel, with a good chance of breaking below this level and falling to $7.52-1/4.
The contract broke a support at $7.76-3/4.
The break confirmed a continuation of the downtrend towards $7.30-3/4, the 100% projection level of a wave C from $8.22-3/4.
A bearish flag has been confirmed, suggesting the target of $7.30-3/4 as well.
The next support will be at $7.65-3/4, which is expected to be broken under the second attack by bears. A break above $7.76-3/4, now a resistance, may lead to a gain to $7.87-1/2.
On the daily chart, wheat has broken a rising trendline and a support at $7.80. It is heading towards $7.50-3/4.
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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