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CBOT wheat may test support at $5.39
- The drop from the Monday high of $5.78-1/4 has adopted a zigzag mode, which consists of three waves.
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SINGAPORE: CBOT December wheat may test a support at $5.39 per bushel, a break below which could cause a fall into the $5.32-1/4 to $5.34-3/4 range.
The drop from the Monday high of $5.78-1/4 has adopted a zigzag mode, which consists of three waves.
The third wave, labeled c, is traveling to $5.39, its 100% projection level.
A bounce may occur around $5.39, which could be as strong as the one from the Sept. 22 low of $5.50-1/4.
Resistance is at $5.45-1/2, a break above which could lead to a gain to $5.49-1/2.