CBOT wheat may retest resistance at $6.31-1/2

SINGAPORE: CBOT March wheat may retest a resistance at $6.31-1/2 per bushel, a break above which could lead to a gain to $6.37-3/4.

The resistance is identified as the 138.2% 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 $6.37-3/4.

Support is at $6.25-1/2, a break below which could cause a fall to $6.22.

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.