CBOT wheat may rise to $7.03-1/2
- A break below $6.69-1/2 could confirm a double-top forming around $7.03-1/2, which will then suggest a target of $6.39-1/2.
SINGAPORE: CBOT wheat may break a resistance at $6.88-1/4 per bushel and rise towards $7.03-1/2.
The correction triggered by the resistance at $7.03-1/2 may have been driven by a wave (2) or wave b. A powerful wave (3) or wave c is unfolding. Both of them could break $7.03-1/2 and rise towards $7.18-1/2 to $7.37-1/4 range.
A break below $6.69-1/2 could confirm a double-top forming around $7.03-1/2, which will then suggest a target of $6.39-1/2.
On the daily chart, wheat managed to close above a resistance at $6.80-3/ for two days. It is expected to retest a higher resistance zone of $7.01-3/4 to $7.05.
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