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Thursday, October 21, 2021

CBOT wheat may bounce to $7.38-1/4

SINGAPORE: CBOT December wheat may bounce to $7.38-1/4, as it managed to stabilise around a support at $7.30-1/4 per bushel.

The stabilisation suggests the completion of a wave c, which is expected to be partially or totally reversed.

A break above $7.38-1/4 could lead to a gain to $7.43-1/2, while a break below $7.30-1/4 could confirm the continuation of the extension of the wave c towards $7.22-1/4.

Signals on the daily chart look a bit conflicting with that on the hourly chart, as wheat broke below a support at $7.41-1/4.

The break increases the chance of a fall toward $7.16-1/2. However, wheat seems somehow lost its momentum around a short rising trendline. Instead of falling towards $7.16-1/2, the contract is more likely to rise towards $7.41-1/4.

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 bounce to .38-1/4

Source: Brecorder

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