Tuesday, 11 August 2015 14:56
SINGAPORE: 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.