CBOT wheat may fall into $5.47-3/4 to $5.51-1/4 range

• The resistance is identified as the 38.2pc projection level of a downtrend from $5.76-1/2.
• The two failures suggest the formation of a double-top around $5.63-3/4, which indicates a target around $5.43-1/2.

SINGAPORE: CBOT March wheat may fall into a range of $5.47-3/4 to $5.51-1/4 per bushel, as it failed twice to break a resistance at $5.63-3/4.

The resistance is identified as the 38.2pc projection level of a downtrend from $5.76-1/2.

The two failures suggest the formation of a double-top around $5.63-3/4, which indicates a target around $5.43-1/2.

Resistance is at $5.60, a break above which could lead to a gain to $5.63-3/4. On the daily chart, the contract slid below a support at $5.57-3/4, the 38.2pc retracement on the rise from $5.01-3/4 to $5.92-1/2. It may fall further to the next support at $5.47.