CBOT wheat may revisit April 30 low $4.26

SINGAPORE: CBOT July wheat may revisit its April 30 low of $4.26 per bushel, as it could have resumed its downtrend.

The trend consists of five waves. The fifth wave labeled 5 is expected to travel below $4.26, the bottom of the wave 3. A falling channel suggests a target around $4.15.

Resistance is at $4.33-3/4, a break above which could lead to a gain to $4.38-1/2. On the daily chart, a downward wave C has resumed. It is capable of traveling into a range of $3.75 to $3.99-1/4, formed by its 161.8 percent and 138.2 percent projection levels.

A realistic target will be $4.14, which is near $4.15.