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Wednesday, August 17, 2022

CBOT wheat targets $5.47-1/4

CBOT wheat targets .47-1/4SINGAPORE: CBOT September wheat is expected to break resistance at $ 5.25-1/2 per bushel and then rise towards $ 5.47-1/4, driven by a wave C.

Resistance is provided by the 23.6 percent Fibonacci projection level of the wave C, the third wave of a three-wave cycle that developed from the May 5 low of $ 4.69-1/4.

This wave could at least travel to $ 5.47-1/4, its 38.2 percent projection level. A break above $ 5.25-1/2 will be confirmed when wheat rises to $ 5.28. A drop below $ 5.19 could be extended to $ 5.14.

Copyright Reuters, 2015

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