Wheat to fall further to $6.07-1/4

SINGAPORE: CBOT May wheat will drop to $6.07-1/4 per bushel, driven by a downward wave (c).

This wave will extend a fall from the March 30 high of $6.68-3/4, towards $6.07-1/4, the 138.2 percent Fibonacci projection level of the wave (c) target, as support at $6.20, the 100 percent level, has been broken.

A rebound from current levels would be limited to $6.20.

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