SINGAPORE: A bearish target at $6.30 per bushel has been aborted for CBOT March wheat, and a bullish target at $6.70 has been established.
The rise from the December 2011 low of $5.77-1/4 has not completed, as a retracement from the Dec. 28 high of $6.56 has almost been fully recovered, signaling the current uptrend will continue to develop within a rising channel.
The trend is now driven by a wave "5", unfolding towards $6.70, a target indicated by the upper channel line.
Support is at $6.42, a fall below which will extend to $6.27.
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.
Comments
Comments are closed for this article.