SINGAPORE: CBOT March wheat may test a support at $7.40-3/4 per bushel, as a bounce from the Dec. 6 low of $7.23-1/2 has completed.
Ever since the bounce stopped at the Dec. 13 high of $7.69-1/4, corn has never been able to revisit this level.
The bounce consists of three waves.
The wave b ended at $7.30-3/4, which works as a target.
CBOT wheat closes lower on fund selling
Resistance is at $7.70, a break above which could lead to a gain into $7.83 to $8.00-3/4 range.
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