CBOT wheat may retest resistance at $6.74-3/4
- Wheat is expected to rise towards this high again.
SINGAPORE: CBOT March wheat may retest a resistance at $6.74-3/4 per bushel, a break above could lead to a gain into $6.79 to $6.84-1/4 range.
The downtrend from the Jan. 15 high of $6.93 or its first leg may have completed. Wheat is expected to rise towards this high again.
A realistic target would be $6.79 or $6.84-1/4, respectively the 61.8% and $76.4% retracements of the fall from $6.93. Support is at $6.65, a break below which could cause a fall into $6.59 to $6.61-3/4 range.
On the daily chart, the long-shadowed hammer forming on Wednesday indicates the current drop is against the short trend from the Jan. 11 low of $6.28-3/4.
Wheat is expected to rise towards $6.80-3/4 on Thursday.
Charts are not available in reports received in email box through "Alert". To get charts, use the news code of to retrieve the original reports.
Comments
Comments are closed for this article.