SINGAPORE: CBOT September wheat may seek a support in a range of $4.88-$4.90 per bushel and then hover above this range of bounce towards $4.96-1/4 again.
The range is formed by the 161.8pc projection level of a downward wave c from $5.44 and the 76.4pc retracement of the uptrend from $4.71 to $5.51-3/4.
Either the $4.88 or $4.90 level could be strong enough to stop the drop and trigger a bounce.
When working together, they are more powerful. A break above $4.96-1/4 could lead to a gain to $5.01-1/4 while a break below $4.88 could cause a fall to $4.81-3/4.
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