SINGAPORE: CBOT March wheat may retest a resistance at $7.65-3/4 per bushel, a break above which could lead to gain to $7.78-1/2. The bounce triggered by the support of $7.45-1/2 looks much stronger than expected.
It reversed a big part of the fall from the Feb. 3 high of $7.76-1/2. The reversal signals a continuation of the uptrend.
Key support is at $7.55-3/4, a break below which may be followed by a drop to $7.45-1/2. Such a drop may eventually be extended to $7.32-3/4.
On the daily chart, wheat climbed above a resistance at $7.57-1/4.
The rise could be due to the completion of a pullback and the resumption of the uptrend.
CBOT wheat may fall towards $7.32-3/4
Wheat may extend loss into $7.12 to $7.29-1/4 range once it falls below the Feb. 7 low of $7.44-1/4.
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