CBOT wheat may retest support at $5.66-1/2
- The bounce from the Monday low of $5.65-1/2 is classified as a pullback towards the range. This pullback has been overdone a bit.
SINGAPORE: CBOT March wheat may retest a support at $5.66-1/2 per bushel, a break below which could cause a fall to $5.55-3/4.
The support is provided by the 138.2% projection level of a downtrend from $6.28-3/4. Based on the consolidation range from $5.73 to $5.89-3/4, wheat may drop to $5.55-3/4.
The bounce from the Monday low of $5.65-1/2 is classified as a pullback towards the range. This pullback has been overdone a bit.
A break above $5.80-1/2 could lead to a gain to $5.89-3/4. On the daily chart, a retracement analysis on the uptrend from $4.88-1/4 suggests a target zone of $5.45-1/4 to $5.63, formed by the 61.8% and the 50% levels.
A short falling trendline and a long rising trendline crosses at $5.45-1/4, making this level a possible target as well.
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