SINGAPORE: CBOT March wheat may break a support at $4.46 per bushel and fall to the next support at $4.39-3/4, as suggested by its wave pattern and a projection analysis.
These supports are identified respectively as the 123.6 percent and the 100 percent projection levels of an upward wave C from $4.13-1/4.
This wave consists of five smaller waves. The fourth small wave, labelled 4, ended around $4.39-3/4, which may be approached, according wave theory.
A bounce may be limited to resistance zone of $4.49-3/4 to $4.53.
No information in this analysis should be considered as being business, financial or legal advice.
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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