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Friday, March 24, 2023

CBOT wheat to test support at $5.08-3/4

CBOT wheat to test support at .08-3/4SINGAPORE: CBOT March wheat is expected to test a support at $ 5.08-3/4 per bushel, a break below which could cause a loss to the next support at $ 5.02.

These supports are identified respectively as the 38.2 percent and the 23.6 percent Fibonacci retracements on the fall from the Oct. 7 high of $ 5.38 to the Oct. 20 low of $ 4.91.

It is hard to categorize the sharp drop on Monday, which could be a resumption of the preceding downtrend from $ 5.38 or simply a correction against the uptrend from $ 4.91.

Resistance is at $ 5.14-1/2, the 50 percent level, a break above which could lead to a gain to the 61.8 percent level at $ 5.20.

Copyright Reuters, 2015

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