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SINGAPORE: CBOT wheat may break a support at $9.73 per bushel, and fall into $9.27-1/2 to $9.51 range.
The contract is riding on a wave C from $12.84, the third leg of a three-wave cycle from $12.78-1/4.
This wave is unlikely to end around $9.73, as suggested by its strong momentum.
On the hourly chart, a bearish wedge indicates a target of $9.59-3/4. A powerful wave 3 could be unfolding towards this level.
Resistance is at $9.92-1/2, a break could lead to a gain into $10.04 to $10.21 range.