CBOT wheat may retest resistance at $7.44-1/4
- Support is at $7.34-1/2, a break below which could cause a fall to $7.22
SINGAPORE: CBOT December wheat may retest a resistance at $7.44-1/4 per bushel, with a good chance of breaking above this level and rising towards $7.52-1/2 to $7.60-1/2 range.
The correction triggered by the resistance has almost been reversed. The reversal signals an extension of the bounce from $7.18-1/2.
Driven by a wave c, the bounce may extend to $7.48 or $7.58-1/4.
Support is at $7.34-1/2, a break below which could cause a fall to $7.22.
On the daily chart, wheat is retesting a resistance at $7.46-1/2, a break above which not only opens the way towards $7.76-3/4, but also signals the extension of a wave C from $6.18-1/4.
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