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CBOT wheat faces resistance at $5.77-1/4
- The resistance is identified as the 61.8pc projection level of an upward wave (c) from $5.33-1/4.
SINGAPORE: CBOT December wheat faces a resistance at $5.77-1/4 per bushel, a break above which could lead to a gain to $5.87-3/4.
The resistance is identified as the 61.8pc projection level of an upward wave (c) from $5.33-1/4.
Wheat failed twice to overcome this barrier. Chances are high that it could retreat towards a support at $5.69.
A rise to $5.79 could confirm a break above the resistance and a target of $5.87-3/4. On the daily chart, wheat is riding on a wave C from $4.97.
This wave has just broken a key resistance at $5.72, its 100pc projection level. It has a better chance of extending to $6.00-1/2.
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