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CBOT wheat may revisit May 18 low of $4.93-3/4
- The support is identified as the 138.2pc projection level of a downward wave C from $5.61-1/2. This wave is capable of travelling to $4.86-1/4.
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SINGAPORE: CBOT July wheat may revisit its May 18 low of $4.93-3/4 per bushel, as it has broken a support at $4.97.
The support is identified as the 138.2pc projection level of a downward wave C from $5.61-1/2. This wave is capable of travelling to $4.86-1/4.
A realistic target will be either $4.93-3/4 or $4.91-3/4.
On the hourly chart, the contract is testing a weak support at $4.96, the 93pc retracement on the uptrend from $4.93-3/4 to $5.29.
This is the last barrier towards $4.93-3/4.
Resistance is at $4.98-1/2, a break above which could lead to a gain to $5.02.