ANL 34.80 Increased By ▲ 0.80 (2.35%)
ASC 14.45 Decreased By ▼ -0.45 (-3.02%)
ASL 23.30 Decreased By ▼ -1.80 (-7.17%)
AVN 90.10 Decreased By ▼ -2.10 (-2.28%)
BOP 8.98 Decreased By ▼ -0.16 (-1.75%)
BYCO 9.45 Decreased By ▼ -0.40 (-4.06%)
DGKC 127.15 Decreased By ▼ -7.55 (-5.61%)
EPCL 47.30 Decreased By ▼ -3.32 (-6.56%)
FCCL 23.89 Decreased By ▼ -0.74 (-3%)
FFBL 25.09 Decreased By ▼ -0.77 (-2.98%)
FFL 14.80 Decreased By ▼ -0.69 (-4.45%)
HASCOL 10.39 Decreased By ▼ -0.17 (-1.61%)
HUBC 83.80 Decreased By ▼ -2.53 (-2.93%)
HUMNL 6.65 Decreased By ▼ -0.37 (-5.27%)
JSCL 25.15 Decreased By ▼ -0.50 (-1.95%)
KAPCO 40.26 Decreased By ▼ -1.29 (-3.1%)
KEL 3.93 Decreased By ▼ -0.09 (-2.24%)
LOTCHEM 14.10 Decreased By ▼ -0.35 (-2.42%)
MLCF 44.00 Decreased By ▼ -2.42 (-5.21%)
PAEL 34.90 Decreased By ▼ -2.35 (-6.31%)
PIBTL 11.25 Decreased By ▼ -0.45 (-3.85%)
POWER 9.78 Decreased By ▼ -0.47 (-4.59%)
PPL 90.00 Decreased By ▼ -0.90 (-0.99%)
PRL 25.72 Decreased By ▼ -1.14 (-4.24%)
PTC 8.60 Decreased By ▼ -0.11 (-1.26%)
SILK 1.29 Decreased By ▼ -0.06 (-4.44%)
SNGP 39.87 Decreased By ▼ -2.84 (-6.65%)
TRG 143.00 Decreased By ▼ -3.10 (-2.12%)
UNITY 30.73 Increased By ▲ 0.53 (1.75%)
WTL 1.37 Decreased By ▼ -0.04 (-2.84%)
BR100 4,836 Decreased By ▼ -128.86 (-2.6%)
BR30 24,973 Decreased By ▼ -780.65 (-3.03%)
KSE100 45,051 Decreased By ▼ -786.3 (-1.72%)
KSE30 18,871 Decreased By ▼ -303.1 (-1.58%)

SINGAPORE: CBOT September wheat may fall further into a range of $4.85-3/4 to $4.92 per bushel, driven by a wave c.

This is the third wave of a three-wave cycle from the June 27 high of $5.57-1/4. It is capable of travelling into a range of $4.65-1/4 to $4.85-3/4, formed by its 100% and the 61.8% projection levels.

Strategically, this target range will only be confirmed when wheat breaks the immediate support at $4.98-1/4. Resistance is at $5.06-1/4, a break above which could lead to a gain into the range of $5.11-$5.19.

On the daily chart, wheat has broken a support at $5.02-1/2, the 38.2% retracement of the downtrend from $6.24-1/4 to $4.27-1/4. The break opened the way towards $4.73-1/2.

However, before falling to $4.73-1/2, wheat has to overcome the barrier at $4.92-1/4, the 50% retracement of the uptrend from $4.27-1/4 to $5.57-1/4.

* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of  to retrieve the original reports.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

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. **

Copyright Reuters, 2019