CBOT wheat may test support at $7.06-3/4
- The break indicates the reversal of the uptrend from the July 12 low of $6.10-1/4
SINGAPORE: CBOT September wheat may test a support at $7.06-3/4 per bushel, a break below which could open the way towards $6.90-3/4.
The contract failed to break a key resistance at $7.32. The failure marked the completion of a wave (c) from $6.65-1/2 or the start of a decent correction.
A rising trendline has been broken as well. The break indicates the reversal of the uptrend from the July 12 low of $6.10-1/4.
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Resistance is at $7.19-1/2, a break above which could signal the extension of the wave (c) towards $7.32-$7.48 range.
On the daily chart, wheat is presumed to be riding on a wave c from $7.38-3/4, which is capable of travelling into $6.41 to $6.78-1/4 range.
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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