SINGAPORE: CBOT March wheat may rise to $4.65 per bushel, as it has cleared a resistance at $4.54-1/2.
The resistance was provided by the 61.8 percent retracement of the downtrend from $4.82 to $4.10-1/2. The next resistance will be at $4.65.
The uptrend has been so far steady within a rising channel, which indicates an aggressive target at $4.82. The wave pattern suggests the progress of an upward wave 5, which is capable of at least travelling to $4.65.
A break below $4.54-1/2 could cause a loss to $4.50, a channel line support.
No information in this analysis should be considered as being business, financial or legal advice.
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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