CBOT wheat still eyes target at $6.81-3/4
SINGAPORE: CBOT Dec wheat is still eyeing a bearish target at $6.81-3/4 per bushel, a low touched on Aug 9 and a presumed wave "B" trough.
The contract is riding on a downward wave "3" which has travelled beyond $7.00, the 161.8 percent Fibonacci projection level, based on the length of the wave "1", and there is a strong chance for it to eventually arrive at $6.54-1/2, the 261.8 percent level.
For a decent rebound, or a bullish reversal on the current downtrend, wheat needs to stand above $7.12.
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.
Copyright Reuters, 2011
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