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