SINGAPORE: CBOT May wheat may break a resistance at $13.57-3/4 and rise into a zone of $13.95-3/4 to $14.13 a bushel, driven by a wave C.
The unusual projection levels on the uptrend from $7.79-3/4 still work well.
The correction triggered by $13.57-1/2 has almost been reversed.
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The reversal signals a strong bullish sentiment and a steady uptrend, which may extend to $15.60, as suggested by the depth of the correction.
Support is fixed at $12.84-1/4, a break below which may cause a fall to $12.10-3/4 again.
On the weekly continuous chart, the deep correction on Monday looks like a pullback towards the 2008 high of $13.34-1/2.
A super bull cycle is riding on a wave C, which may extend to $14.76-1/4 or far above this level.
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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