CBOT wheat may fall to $6.39-3/4
- A decent correction is due. On the daily chart, two doji formed around a resistance at $6.54-3/4, on Monday and April 16.
SINGAPORE: CBOT May wheat may fall to $6.39-3/4 per bushel, as it is peaking around $6.59.
The contract is riding on a wave 5, the final wave of a bigger wave c from $6.01-1/4.
This wave c looks exhausted around its ultimate target of $6.63-1/2, the 161.8% projection level.
The bearish divergence on the hourly MACD confirms the exhaustion of the rally.
A decent correction is due. On the daily chart, two doji formed around a resistance at $6.54-3/4, on Monday and April 16.
They are bearish reversal patterns, suggesting a completion of the rally from $5.93-1/4. A falling channel also indicates a deep correction soon.
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.
Comments
Comments are closed.