SINGAPORE: CBOT wheat may retest a resistance at $8.39 per bushel, probably after a shallow fall to $8.21-3/4.
The contract is riding on a wave c from $8.06-1/4, which is expected to travel into a range of $8.46-3/4 to $8.72, formed by its 61.8% and 100% projection levels.
The correction triggered by the resistance at $8.39 has extended below the support at $8.31-1/4.
The next support is at $8.21-3/4.
The wave c may resume upon the completion of the correction around $8.21-3/4.
A further fall below this level could be extended into $8.06-1/4 to $8.15-3/4.
The current wave count will have to be revised thereafter. On the daily chart, wheat managed to remain above a support at $8.22.
It may rise towards $8.70-1/2.
Eventually, the contract may climb into a target zone of $9.49 to $10.12-1/2, due to the completion of a five-wave cycle from $12.82.
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