Markets
CBOT wheat may retreat towards $5.25
- The resistance is provided by the 61.8pc retracement of the fall from $5.51-3/4 to $5.17.
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SINGAPORE: CBOT September wheat may retreat towards $5.25 per bushel, following its failure to break a resistance at $5.38-1/4.
The resistance is provided by the 61.8pc retracement of the fall from $5.51-3/4 to $5.17.
A small five-wave cycle from $5.17 ended around this barrier.
The cycle may be further reversed.Most likely, wheat would retreat to the bottom of the wave iv around $5.25.
A break above $5.38-1/4 could lead to a gain into $5.43-1/2 to $5.51-3/4 range.
On the daily chart, wheat faces a resistance at $5.31-3/4, the 50pc retracement of the downtrend from $5.92-3/4 to $4.71.
The resistance is strengthened by another one established by a falling trendline.
The contract is likely to retreat towards $5.17-1/2 again.
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