Wednesday, 29 July 2015 13:44
SINGAPORE: CBOT Sept. wheat may rise to $ 5.18-3/4 per bushel, as it has stabilized around a support at $ 5.06.
The support is provided by the 86.4 percent Fibonacci retracement on the rise from the June 19 low of $ 4.88-1/4 to the June 30 high of $ 6.18. It is strengthened by another one established by a trendline rising from the May 5 low of $ 4.69-1/4.
Wheat is heading towards the resistance at $ 5.18-3/4, the 76.4 percent level. Only a drop to $ 5.01 could confirm the extension of the downtrend towards $ 4.88-1/4.
