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CBOT wheat may test support at $6.36-1/4

  • Until the contract gets out of a range of $6.29 to $6.53-1/2, the trending signal may remain mixed.
Published February 8, 2021
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SINGAPORE: CBOT March wheat may test a support at $6.36-1/4 per bushel, a break below which could cause a fall to $6.25-3/4.

The contract is riding on a wave C from $6.71. This wave is capable of traveling to $6.02-1/4, its 100% projection level. The bounce triggered by the support at $6.28-1/2 has been shaped into a triangle, which looks like a bearish continuation pattern, to be followed by a fall.

A break above $6.48-1/4 could lead to a gain into the $6.53-1/2 to $6.60-1/4 range. On the daily chart, wheat is still consolidating around $6.41-1/4, the 61.8% retracement of the uptrend from $5.89-3/4 to $6.93.

Until the contract gets out of a range of $6.29 to $6.53-1/2, the trending signal may remain mixed.

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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