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CBOT wheat may retreat into range of $6.88-1/2 to $6.97-1/2

  • On the daily chart, another resistance at $7.05-1/4 joins the two barriers on the hourly chart to prevent a further rise
19 Jul 2021

SINGAPORE: CBOT September wheat faces a strong resistance at $7.07 per bushel, it may retreat into a range of $6.88-1/2 to $6.97-1/2.

This resistance itself could be strong enough to end the rally. It is strengthened by another one at $7.08-1/2, the peak of the wave B.

Together, these resistances may cause a decent correction. A break above $7.08-1/2 could lead to a gain into the zone of $7.16-1/4 to $7.30.

Major wheat deficit looming

On the daily chart, another resistance at $7.05-1/4 joins the two barriers on the hourly chart to prevent a further rise. Chances are an exhaustion gap forming on Monday may be filled.

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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