CBOT wheat may test resistance at $6.31-1/2

SINGAPORE: CBOT May wheat may test a resistance at $6.31-1/2 per bushel, a break above could lead to a gain into the range of $6.35-3/4 to $6.42.

The downtrend from $6.88-1/2 has been driven by a wave C, which failed to travel below its 100% projection level of $6.21-1/2.

This wave may either end around this level or extend far beyond it.

Regardless of the ending point, this wave may be partially reversed by a decent bounce. A break below $6.21-1/2 could be followed by a drop towards $6.11-1/2 to $6.16-3/4 range.

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