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SINGAPORE: CBOT March wheat may drop to $8.37 per bushel, as it failed to break a resistance at $8.51-1/2.

The correction from $8.74-3/4 may consist of three waves. The pause around $8.51-1/2 signals the development of the wave c towards $8.25-1/2.

A break above $8.51-1/2 could lead to a gain into $8.60-1/4 to $8.67-3/4 range.

The break will be confirmed when wheat goes above $8.55-1/4.

On the daily chart, a projection analysis reveals a similar resistance at $8.57, the 100% level, which is expected to work together with the one at $8.51-1/2 to temporarily stop the rise.

The uptrend remains intact within a rising channel despite the coming correction.

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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