CBOT wheat may fall into $9.27-1/2 to $9.51 range

SINGAPORE: CBOT wheat may break a support at $9.73 per bushel, and fall into $9.27-1/2 to $9.51 range.

The contract is riding on a wave C from $12.84, the third leg of a three-wave cycle from $12.78-1/4.

This wave is unlikely to end around $9.73, as suggested by its strong momentum.

On the hourly chart, a bearish wedge indicates a target of $9.59-3/4. A powerful wave 3 could be unfolding towards this level.

CBOT wheat may drop to $9.73

Resistance is at $9.92-1/2, a break could lead to a gain into $10.04 to $10.21 range.