CBOT wheat to rebound more to $6.38-1/2

SINGAPORE: CBOT May wheat will rebound further to $6.38-1/2 per bushel, as a corrective wave cycle completed on the fall to $6.19-3/4 from $6.68-3/4.

The cycle consists of three waves - labeled a, b and c - with waves a and c sharing approximately the same length, as indicated by a Fibonacci projection analysis.

A Fibonacci retracement analysis reveals a target of $6.38-1/2, the 38.2 percent level.

A break below support at $6.25 would neutralise these signals.

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