SINGAPORE: CBOT September wheat may fall into a range of $4.58-1/4 to $4.63-1/2 per bushel, as it may have completed a bounce from the Aug. 13 low of $4.65-1/2.
The bounce observed closely a set of projection levels of a downtrend from $5.31-1/2.
It may have ended around the 86.4pc level at $4.80-1/4. A break above $4.72-1/4 could signal an extension of the bounce towards $4.80-1/4.
A retracement analysis on the daily chart suggests a target at $4.57-3/4, the 76.4pc level on the uptrend from $4.27-1/4 to $5.57-1/4, as wheat has broken below $4.76-3/4 and completed a pullback towards this level.
A falling trendline also indicates a further fall towards a range of $4.44-3/4 to $4.57-3/4.
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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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