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CBOT wheat may test resistance at $5.09-1/4
- The resistance is identified as the 38.2pc retracement of the downtrend from $5.44 to $4.88.
SINGAPORE: CBOT September wheat may test a resistance at $5.09-1/4 per bushel, a break above which could lead to a gain to $5.16.
The resistance is identified as the 38.2pc retracement of the downtrend from $5.44 to $4.88.
Based on a small inverted head-and-shoulders, wheat may rise to $5.16.
Support is at $5.01, a break below which could cause a fall to $4.96.
On the daily chart, wheat has broken a resistance at $4.99-1/2, the 23.6pc retracement on the downtrend from $5.92-3/4 to $4.71.
The break opened the way towards $5.17-1/2.
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