SINGAPORE: CBOT May wheat may retrace to a support at $4.82-1/4 per bushel, before retesting a resistance at $4.96, as suggested by a retracement analysis.
The support and the resistance are identified respectively as the 38.2 percent and the 23.6 percent retracements on the uptrend from $4.23-3/4 to $5.18-1/2.
Wheat seems to have somewhat lost its bullish momentum around the resistance, as it failed twice to touch this level. The current sideways move may be symmetrical to the circled part, which indicates wheat may stay in the range of $4.82-1/4 to $4.96 for one or two more days.
A break above $4.96 could lead to a gain into $5.04-1/2 to $5.18-1/2, while a break below $4.82-1/2 may cause a loss to $4.71.
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.
Comments
Comments are closed for this article.