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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 Tue
- 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.
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