SINGAPORE: CBOT March wheat may break a support at $7.54-3/4 per bushel, and fall to $7.43.
The contract is riding on a wave c from $7.93. This wave is capable of travelling to $7.43.
The current bounce is expected to be weak, probably to end below $7.68.
A further gain above $7.68 could signal a completion of the wave c, and a bullish target zone of $7.73-3/4 to $7.81 will be established.
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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