SINGAPORE: CBOT March wheat may retest a resistance at $8.17-1/2 per bushel, a break above which could lead to a gain to $8.28-1/2. The rise from $7.82-1/2 may consist of three waves. So far only two have unfolded. The wave c is expected to travel into the range of $8.28-1/2 to $8.39-1/2.
Support is at $8.04-1/4, a break below which could cause a fall to $7.95-3/4. A further drop, however, could signal the continuation of the downtrend from $8.74-3/4, towards $7.82-1/2.
On the daily chart, wheat looks a bit neutral in a range of $7.92 to $8.16-3/4. A rise above $8.16-3/4 could be extended to $8.33-3/4 or $8.56-3/4, while a break below $7.92 could open the way towards a lower zone of $7.52-1/4 to $7.72-1/4.
The bias could be towards the upside, as indicated by the hourly chart signals. Charts are not available in reports received in email box through “Alert”. To get charts, use the news code of to retrieve the original reports.