SINGAPORE: CBOT May wheat may drop further into a range of $6.73-1/2 to $6.79-3/4 per bushel, as a bounce from $6.54 may have completed. The bounce was driven by a wave c, the third wave of an irregular flat from the March 10 low of $6.61.
This wave was supposed to fulfil its target of $7.37-1/4.
However, the fall from the March 29 high of $7.24 looks so deep that this wave is very unlikely to extend to $7.37-1/4.
Wheat eases after rally, Russian supply woes limit decline
Resistance is at $6.93-1/4, a break above which could lead to a gain into $6.98-1/4 to $7.05-1/2 range.
Source: Brecorder