Thursday, 30 July 2015 12:59
SINGAPORE: CBOT Sept. wheat may drop to $ 4.88-1/4 per bushel, as it has broken a support at $ 5.05-3/4.
The support was 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, working as the last barrier towards $ 4.88-1/4.
A bounce from the current level will be regarded as a pullback towards the trendline rising from the May 5 low of $ 4.69-1/4, which could be limited to $ 5.05-3/4, now a resistance.
