CBOT wheat may retest resistance at $6.79-1/4
- Indeed, the uptrend may have resumed towards $7.67-1/2
SINGAPORE: CBOT September wheat may retest a resistance at $6.79-1/4 per bushel, probably after a correction to $6.61-1/4. The sharp surge on Wednesday failed to maintain its momentum.
A retracement analysis on the fall from $7.08-1/2 to $6.32-1/4 reveals a key resistance at $6.79-1/4, which temporarily stopped the rise.
The contract may retreat a bit further, to complete a pullback towards a falling trendline.
A break above $6.79-1/4 could lead to a gain into the $6.90-1/2 to $7.08-1/2 range.
On the daily chart, the contract climbed above a resistance at $6.66-1/2.
It is pulling back towards this level.
Thanks to the strong rise on Wednesday, the uptrend from $5.03-3/4 remains steady.
Indeed, the uptrend may have resumed towards $7.67-1/2.
A realistic target could be $7.05-1/4.
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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