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CBOT wheat may rise to $6.11-1/2
- The resistance is identified as the 50pc projection level of a downward wave C from $6.28-3/4.
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SINGAPORE: CBOT March wheat may rise to $6.11-1/2 per bushel, as it has cleared a resistance at $6.06-1/4.
The resistance is identified as the 50pc projection level of a downward wave C from $6.28-3/4.
The next resistance will be at $6.11-1/2, a break above which could lead to a gain to $6.18.
A break below $6.06-1/4, now a support, may cause a fall to $6.00-3/4.
On the daily chart, wheat managed to stay above $6.02-1/4 after briefly piercing below this support.