CBOT wheat still targets $5.26

SINGAPORE: CBOT March wheat still targets $5.26 per bushel, as suggested by its wave pattern and a projection analysis.

An upward wave C from $5.10 has ended around a resistance at $5.38, its 107 percent projection level.

This wave has been unfolding within a rising channel.

The failure of the contract to stand firm above the channel suggests that it could fall towards $5.16, which is pointed by the lower channel line.

A more realistic target may be $5.26, as suggested by a dotted rising trendline. A break above $5.32-1/2, however, may lead to a gain to $5.36-1/4.