CBOT wheat biased to retest $7.73-3/4

SINGAPORE: CBOT March wheat is biased to retest a resistance at $7.73-3/4 per bushel, a break above which could lead to a gain to $7.81.

The strong rise on Tuesday suggests the completion of a wave c from $7.93, which was supposed to travel to $7.43. This wave could have ended prematurely.

Over the next few days, wheat may rise towards the peak of the wave b at $7.93. Support is at $7.62, a break below which could cause a fall into $7.43 to $7.54-3/4 range.

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