SINGAPORE: CBOT December wheat may bounce more to $7.28-3/4, as it failed twice to break a support at $7.11 per bushel.
The failure suggests the completion of a wave C or its first leg. The current bounce may consist of three waves. The wave c is unfolding towards $7.28-3/4.
A break below $7.11 again may signal the continuation of the wave C towards $6.93.
On the daily chart, a head-and-shoulders has been violated, as wheat kept bouncing after breaking the neckline.
The pattern will become valid again if wheat could close below the Thursday low of $7.05-1/2.
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.
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