CBOT wheat may fall more to $4.41-3/4

SINGAPORE: CBOT May wheat may fall more to $4.41-3/4 per bushel, driven by a wave (5).

This is the fifth wave of a bigger wave C from $5.34-3/4. A projection analysis reveals a target of the wave C at $4.41-3/4, its 261.8 percent level. A falling trendline points at a lower target at $4.36-1/2.

A rise above $4.53 could signal the extension of the bounce from the March 1 low of $4.47-1/4, towards $4.63-3/4. On the daily chart, wave pattern and a projection analysis reveal a target zone of $4.23-3/4 to $4.40, formed by the 100 percent and the 86.4 percent projection levels of a downward wave C from $5.44-1/4.

The deep fall on Wednesday confirms the continuation of the wave C towards $4.23-3/4.

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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. **