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CBOT wheat may retrace to $5.29
SINGAPORE: CBOT September wheat may retrace to a support at $5.29 per bushel, as it has failed to break a resistance
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SINGAPORE: CBOT September wheat may retrace to a support at $5.29 per bushel, as it has failed to break a resistance at $5.52-1/4.
The resistance is identified as the 76.4 percent Fibonacci retracement of the downtrend from the June 8, 2016 high of $5.90 to the April 25 low of $4.30-3/4. The failure of the contract to overcome this barrier signals the correction from the July 5 high of $5.74-1/2 has not completed.
The correction may consist of three waves. So far, only two have completed. The current wave labelled c could travel to $5.29. A rise to $5.57-1/2 will signal the extension of the uptrend towards $5.68-1/4.
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