CBOT wheat may rise into $5.08-1/4 to $5.12-1/4 range

• The resistance is identified as the 61.8pc projection level of a wave c from $4.76-1/4.
• The strong gain on Tuesday confirms an extension of this wave towards $5.18-1/4.

SINGAPORE: CBOT December wheat may break a resistance at $5.02 per bushel and rise into a range of $5.08-1/4 to $5.12-1/4.

The resistance is identified as the 61.8pc projection level of a wave c from $4.76-1/4.

The strong gain on Tuesday confirms an extension of this wave towards $5.18-1/4.

This wave is a part of a bigger wave C from $4.50-1/2. Another projection analysis on the wave C reveals a break above the resistance at $4.97-1/2, the 38.2pc level.

The break has opened the way towards $5.12-1/4.

This wave may eventually travel into a wide range of $5.26-3/4 to $5.74.

A break below $4.97-1/2, now a support, could cause a fall limited to $4.92-1/4.