CBOT wheat to end rebound below $8.94

SINGAPORE: CBOT December wheat will end its weak rebound from Monday's low of $8.76 a bushel below a resistance at $8.94, and drop back to $8.76.

The current fall from $9.31 is expected to totally reverse a corrective wave cycle on the rise from $8.57-1/4 to $9.31, so the rebound may stop below the 50 percent Fibonacci retracement on the cycle.

Support is at $8.74-1/2, the 76.4 percent retracement, a break below which will open the way towards $8.57-1/4, the Aug. 14 low.

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