SINGAPORE: CBOT March wheat may rise into $8.14-1/4 to $8.17-1/2 range, driven by a wave c.
Strategically, a break above a resistance at $8.09-1/2 per bushel could confirm the target zone.
The rise from $7.82-1/2 consists of three waves. So far, only two have unfolded.
The wave c is expected to travel into the range of $8.14-1/4 to $8.29-3/4.
A retracement analysis on the fall from $8.74-3/4 reveals a similar target zone from $8.17-1/2 to $8.28-1/2. Support is at $8.04-3/4, a break below which may be followed by a shallow drop to $7.98-3/4.
On the daily chart, wheat may retest a resistance at $8.16-3/4, a break above which could lead to a gain to $8.33-3/4 or $8.56-3/4.
A break below $7.92 could open the way towards a zone of $7.52-1/4 to $7.72-1/4.
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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