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Wheat to fall more to $5.96-3/4

SINGAPORE: CBOT May wheat will fall further to $5.96-3/4 per bushel, driven by a wave c. This wave will travel the same
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By Shoaib Ur Rehman
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SINGAPORE: CBOT May wheat will fall further to $5.96-3/4 per bushel, driven by a wave c.

This wave will travel the same length as the wave a, to arrive at the 100 percent Fibonacci projection level, based on the length of the wave a and the peak of the wave b at $6.45-3/4.

A surge above a resistance at $6.21 will temporarily neutralize the signals.

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, 2012

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