SINGAPORE: CBOT Dec. wheat is expected to end the current consolidation soon, as a triangle pattern is contracting to a point.
The contract will remain neutral until it escapes from a range of $6.16-1/2 to $6.49-1/2 per bushel. A rise above $6.49-1/2 will confirm the bullish pattern, while a break below $6.16-1/2 will trigger a fall towards $5.90.
The future trend could be very sharp, as the current consolidation has taken one month, long enough to support a strong move.
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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