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CBOT wheat may test resistance at $5.08-1/2
- The resistance is identified as the 38.2pc projection level of an upward wave (c) from $4.95-1/4.
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SINGAPORE: CBOT July wheat may test a resistance at $5.08-1/2 per bushel, a break above which could lead to a gain to $5.12-3/4.
The resistance is identified as the 38.2pc projection level of an upward wave (c) from $4.95-1/4.
It is the third wave of a presumed three-wave cycle from the May 18 low of $4.93-3/4.
It has a minimum target of $5.08-1/2 and a maximum one of $5.30-1/2.
Support is at $5.03-1/2, a break below which could cause a fall to $5.00-1/4.
On the daily chart, the contract has cleared a resistance at $5.04, the 123.6pc projection level of a downward wave C from $5.61-1/2.
It is expected to test the next resistance at $5.08 which is near $5.08-1/2 on the hourly chart.
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