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CBOT wheat may test resistance at $6.72-3/4

  • On the daily chart, wheat is retesting a resistance at $6.68-1/2, the 23.6% retracement of the uptrend from $5.89-3/4 to $6.93.
Published February 1, 2021
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SINGAPORE: CBOT March wheat may test a resistance at $6.72-3/4 per bushel, a break above which could lead to a gain into $6.80 to $6.91-1/2 range.

The resistance is identified as the 61.8% projection level of an upward wave (3) from $6.43. This wave is capable of traveling to $6.91-1/2.

A small double-bottom forming around $6.43 has been confirmed, suggesting a target around $6.85. A break below $6.61-1/2 will not only make this pattern invalid, but also open the way towards $6.43 to $6.54-1/4 range.

On the daily chart, wheat is retesting a resistance at $6.68-1/2, the 23.6% retracement of the uptrend from $5.89-3/4 to $6.93.

The contract is highly likely to overcome this barrier in its current attempt, following its first failure on Jan. 27.

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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