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Friday, October 22, 2021

CBOT wheat may retest support at $7.30-1/4

SINGAPORE: CBOT December wheat may retest a support at $7.30-1/4 per bushel, a break below which could cause a fall to $7.22-1/4.

The contract is riding on a wave c, which has briefly travelled below its 100% projection level of $7.35-1/2.

Chances are it may extend to $7.22-1/4.

The support at $7.30-1/4 temporarily holds, which is both the 123.6% projection level and the 38.2% retracement of the uptrend from $6.77 to $7.63-1/2.

The minor bounce triggered by $7.30-1/4 could end below $7.38-1/4.

On the daily chart, wheat retreated below a support at $7.41-1/4. Chances are it may fall more toward $7.16-1/2.

The uptrend is expected to resume when the current correction ends above $7.16-1/2, as it is driven by a wave C, which could travel into the $7.80-3/4 to $8.45-1/4 range.

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 retest support at .30-1/4

Source: Brecorder

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