SINGAPORE: CBOT May wheat may break a resistance at $4.63 per bushel and rise towards the next resistance at $4.69-3/4, as suggested by an inverted head-and-shoulders and a retracement analysis.
The pattern developed from March 21. It will be confirmed when wheat breaks above $4.63, the 38.2 percent retracement of the downtrend from $4.98 to $4.41-1/2. It suggests a target around $4.84.
A break below $4.54-3/4 could signal that the pattern may take a longer time to complete. The break could cause a loss into the range of $4.45-1/4 to $4.49-1/2.
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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