SINGAPORE: CBOT March wheat may break a support at $5.11-1/4 per bushel, and fall to the Jan. 15 low of $5.08, as its bounce from the Jan. 2 low of $5.01-1/4 has completed.
The completion has been confirmed by the corrective wave structure of the bounce and the deep fall on Tuesday.
The fall extended below a rising trendline, signalling the reversal of the trend from $5.01-1/4.
A confirmed head-and-shoulders indicates a target around $5.04. Wheat is pulling back towards the trendline.
The pullback may end around $5.13-1/4, the 23.6 percent projection level of an upward wave C. A rise above the trendline may be limited to $5.16-3/4.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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