SINGAPORE: CBOT March wheat may rise into a range of $8.26-3/4 to $8.33-1/2 per bushel, driven by a wave c.
This wave has travelled far above its 161.8% projection level of $8.04-1/2. It has a better chance of extending into $8.26-3/4 to $8.33-1/2 range.
A retracement analysis on the downtrend from $8.74-3/4 reveals a target of $8.27-1/4, the 61.8% level, as wheat has broken the resistance at $8.12-3/4.
Support is at $8.15-3/4, a break below which may cause a drop into $8.04-1/2 to $8.08-3/4 range. On the daily chart, the uptrend from $6.26-3/4 seems to have resumed, simply based on the swift recovery of the price from the Dec. 15 low of $7.51.
In addition, the contract climbed far above a rising trendline as well. The break below this line proved to be false.
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