CBOT wheat may test resistance at $6.76-3/4
- A break below $6.66-1/2, now a support, may cause a fall to $6.58-1/2. On the daily chart, the correction from $6.93 ended around $6.29, the 61.8% retracement.
SINGAPORE: CBOT March wheat may test a resistance at $6.76-3/4 per bushel, a break above which could lead to a gain to $6.93.
Undoubtedly, the downtrend from $6.93 has reversed, as wheat has cleared a key resistance at $6.66-1/2. The break above this level significantly increases the chance of a total reversal of the trend.
A break below $6.66-1/2, now a support, may cause a fall to $6.58-1/2. On the daily chart, the correction from $6.93 ended around $6.29, the 61.8% retracement.
The depth of the correction suggests an intact uptrend from $5.89-3/4, which may eventually extend to $7.60.
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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