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Saturday, October 23, 2021

CBOT wheat may test resistance at $7.10-1/2

SINGAPORE: CBOT December wheat may test a resistance at $7.10-1/2 per bushel, a break above which could lead to a gain into $7.16-1/4 to $7.25-3/4 range.

The rise on Wednesday suggests an extension of the bounce from the Sept. 10 low of $6.77. The bounce is riding on a wave c, which may end around $7.10-1/2 or extend to $7.25-3/4.

Support is at $7.01, a break below which may cause a fall into the range of $6.86 to $6.95-1/4.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

CBOT wheat may test resistance at .10-1/2

Source: Brecorder

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