SINGAPORE: CBOT March wheat may retrace to $6.35 per bushel, as indicated by a rising channel and the MACD indicator.
A bearish divergence has formed on the hourly MACD indicator, indicating the current rally has become exhausted.
In the meantime, a small five-wave cycle could have completed, suggesting wheat may drop below the upper channel and move into a price range defined by a duplicated lower channel.
Strategically, a fall below $6.48 will open the way to $6.35, as pointed by the lower channel line.
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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