CBOT wheat neutral in $7.19-1/2 to $7.32 range
- The contract failed to break a resistance at $7.32 again
SINGAPORE: CBOT September wheat looks neutral in a narrow range of $7.19-1/2 to $7.32 per bushel, and an escape could suggest a direction.
The contract failed to break a resistance at $7.32 again. The failure increase the chance of a drop towards $7.06-3/4. However, such a target will only be confirmed when wheat breaks $7.19-1/2.
A break above $7.32 could signal a continuation of the wave (c) towards $7.48. On the daily chart, the contract failed to break a similar resistance at $7.30.
Palm oil rises over 1pc tracking soyoil, improving exports
The failure did not trigger a deep fall, as wheat managed to close on Wednesday around $7.30. This is an optimistic signal to bulls.
Strategically, a rise above $7.33 could confirm a break above $7.30 and a target of $7.67-1/2.
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.
Comments
Comments are closed.