SINGAPORE: CBOT March wheat will fall to $6.12 per bushel, as indicated by a trendline and a Fibonacci retracement analysis.
The fall on Wednesday confirmed the resumption of a preceding downtrend that started at an hourly chart high of $6.83-1/2, touched on Feb. 1.
Driven by a wave "5", the downtrend is progressing towards $6.12, a target pointed by a trendline that descends from the trough of the wave "1" and crosses the 76.4 percent Fibonacci retracement on the rise from $5.90 to $6.83-1/2.
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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