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.
Paris wheat touches record high
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.
Comments
Comments are closed.