SINGAPORE: CBOT March wheat may retest a resistance at $6.18-1/2 per bushel, a break above which could lead to a gain into $6.22 to $6.25-1/2 range.
The resistance is identified as the 86.4% projection level of a wave c from $5.96-1/2, the presumed third wave of a three-wave cycle from $5.89-3/4. This wave is expected to travel to or beyond $6.22.
Support is at $6.09-1/4, a break below which could cause a fall into $6.02-1/2 to $6.06 range.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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