CBOT wheat may retest a support at $6.39-1/2
- Wave pattern suggests a lower target of $5.92-1/4, the bottom of the wave B. No matter where the drop ends, a decent bounce may occur around $6.17.
SINGAPORE: CBOT wheat may retest a support at $6.39-1/2 per bushel, a break below which could cause a fall into $6.27-3/4 to $6.34-1/4 range.
The downtrend remains steady. The bounce triggered by the support seems to be ending around a resistance at $6.55-1/4. The trend may resume.
Even though market looks much over-sold, until a convincing reversal signal appears, a further drop is still highly likely.
A break above $6.55-1/4 may lead to a gain into $6.62 to $6.68 range.
On the daily chart, the downtrend could be extending towards a rising trendline which points at a target of $6.17-1/2.
Wave pattern suggests a lower target of $5.92-1/4, the bottom of the wave B. No matter where the drop ends, a decent bounce may occur around $6.17.
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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