SINGAPORE: CBOT May wheat may retest a resistance at $5.09-3/4 per bushel, a break above which could lead to a gain to the next resistance at $5.17-1/4.
These resistances are identified respectively as the 100 percent and the 114.6 percent projection levels of an upward wave C from $4.57.
This wave was disrupted by a correction triggered by the resistance at $5.17-1/4. The correction seems to have ended around $4.97-1/4 and the wave C resumed.
A break below $4.97-1/4 could cause a loss into the range of $4.83-1/4 to $4.89-1/2.
No information in this analysis should be considered as being business, financial or legal advice. 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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