SINGAPORE: CBOT May wheat may stabilize around a support at $6.32-1/4 per bushel, and retest a resistance at $6.39.
The current bounce is presumed to be against the downtrend from $6.88-1/2, which may be further reversed. However, the bounce observes closely various retracements on the downtrend from $6.68-3/4 to $6.21.
A break below $6.32-1/4 could cause a fall into the range of $6.24-1/4 to $6.27-3/4 while a break above $6.39 may lead to a gain to $6.44-3/4.
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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