SINGAPORE: CBOT May wheat could rise into a zone of $9.72 to $9.82-3/4 a bushel, as the uptrend has resumed and become stronger.
The resumption has been suggested by the reversal of the fall from the Feb. 25 high of $9.60-3/4.
The fall was due to a resistance at $9.54-3/4, which looks very vulnerable under the second attack by bulls.
The depth of the fall suggests a target around $10.60, while a realistic target zone will be from $9.72 to $9.82-3/4.
Support is at $9.37-1/4, a break below which could cause a fall into $9.16-3/4 to $9.26-3/4 range.
On the daily chart, a different projection analysis points at a target of $9.95-3/4.
The uptrend looks firm as wheat has almost recovered from the deep drop on Feb. 25.
Market seems to have shrugged off the impact by the deep drop and is rising faster towards $9.95-3/4.
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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