SINGAPORE: CBOT December wheat may bounce more into $7.43-1/2 to $7.46 per bushel, as it has broken a falling trendline and completed a pullback towards this line.
The break signals a reversal of the downtrend from $7.63-1/2. The trend may be further reversed, as long as wheat hovers above $7.32-1/4.
The break will be proved false if the contract falls below $7.32-1/4. On the daily chart, wheat is retesting a resistance at $7.41-1/4. A break could open the way towards $7.61.
The consecutive gains over the past two trading sessions suggest a continuation of the wave c from $6.77.
EU wheat rebounds as export demand stays brisk
The intact trendline confirms this continuation. This bullish outlook will be revised when wheat break $7.16-1/2.
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