BR100 3,800 Increased By ▲ 13 (0.33%)
BR30 19,437 Increased By ▲ 63 (0.32%)
KSE100 36,745 Increased By ▲ 127 (0.35%)
KSE30 15,928 Increased By ▲ 27 (0.17%)
COVID-19 TOTAL DAILY
CASES 253,604 1979
DEATHS 5,320 54
Sindh 106,622 Cases
Punjab 87,492 Cases
Balochistan 11,192 Cases
Islamabad 14,202 Cases
KP 30,747 Cases
Markets

CBOT wheat may retest resistance at $5.08-3/4

SINGAPORE: CBOT September wheat may retest a resistance at $5.08-3/4 per bushel, a break above which could lead to a gai

Jul 30 2019

SINGAPORE: CBOT September wheat may retest a resistance at $5.08-3/4 per bushel, a break above which could lead to a gain to $5.17-1/2.

Wheat is quite persistent in testing a falling trendline. Even though it failed twice, its persistence does suggest a reversal of the downtrend from the June 27 high of $5.57-1/4.

So long as the contract stays above a support at $4.94-3/4, it is highly likely to break $5.08-3/4, the 38.2 projection level of a downward wave c from $5.31-1/2.

A break below $4.94-3/4 could cause a loss into the range of $4.72-1/4 to $4.86. On the daily chart, wheat is stuck in a neutral range of $4.92-1/4 to $5.07-1/2, formed by the 50% and the 38.2% retracements on the uptrend from $4.27-1/4 to $5.57-1/4.

Most likely it could break above $5.07-1/2 and rise towards $5.26-1/2.

* 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