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CBOT wheat may retest support at $6.25-3/4

  • The support is provided by the 76.4% projection level of a downward wave c from $6.60-1/2. This wave is expected to travel to $6.15-1/4, its 100% projection level.
Published February 11, 2021
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SINGAPORE: CBOT March wheat may retest a support at $6.25-3/4 per bushel, with a good chance of breaking below this level and falling towards $6.15-1/4.

The support is provided by the 76.4% projection level of a downward wave c from $6.60-1/2. This wave is expected to travel to $6.15-1/4, its 100% projection level.

Resistance is at $6.37-3/4, a break above which could lead to a gain into $6.43 to $6.49-3/4 range. On the daily chart, the consolidation within a wedge is ending.

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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