CBOT wheat may rise into $7.82-3/4 to $7.86-3/4 range

SINGAPORE: CBOT March wheat may rise into a range of $7.82-3/4 to $7.86-3/4 per bushel, as it has broken a resistance at $7.75-1/2.

The next resistance will be at $7.82-3/4, a break above which could lead to a gain into $7.86-3/4 to $7.90-3/4 range.

The current rise is classified as a bounce. Only a climb above $7.90-3/4 could signal the extension of the uptrend from $7.51.

A break below $7.75-1/2, now a support, may cause a fall into $7.64-1/2 to $7.68-3/4 range.

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