Markets
CBOT wheat may retest support at $5.66-1/2
- The support is provided by the 138.2% projection level of a downtrend from $6.28-3/4.
1 min
By
SINGAPORE: CBOT March wheat may retest a support at $5.66-1/2 per bushel, a break below which could cause a fall to $5.55-3/4.
The support is provided by the 138.2% projection level of a downtrend from $6.28-3/4.
Based on the consolidation range from $5.73 to $5.89-3/4, wheat may drop to $5.55-3/4.
The bounce from the Monday low of $5.65-1/2 is classified as a pullback towards the range.
This pullback has been overdone a bit.