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Markets

CBOT wheat may retest support at $6.84-1/4

  • On the daily chart, the contract failed to break a resistance at $7.05-1/4. It may fall towards a support at $6.66-1/2
23 Jul 2021

SINGAPORE: CBOT September wheat may retest a support at $6.84-1/4 per bushel, a break below which could open the way towards the range of $6.63-3/4 to $6.74-1/4.

The depth of the correction from $7.18 signals a reversal of the uptrend from the July 9 low of $6.09-1/2. A retracement analysis on the rise from $6.30-1/2 to $7.18 reveals a support at $6.84-1/2 which temporarily stops the fall.

This analysis suggests a target zone of $6.63-3/4 to $6.74-1/4.

Resistance is at $6.97-1/4, a break above which could lead to a gain into $7.05 to $7.11-3/4 range.

Major wheat deficit looming

On the daily chart, the contract failed to break a resistance at $7.05-1/4. It may fall towards a support at $6.66-1/2.

The steep surge from $6.09-1/2 deserves a decent correction, which could extend to $6.66-1/2, as indicated by the symmetrical nature of the chart.

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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