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Monday, July 4, 2022

CBOT wheat may fall into $7.33-$7.39 range, temporary top formed

SINGAPORE: CBOT December wheat may fall into a range of $7.33 to $7.39 per bushel, as it failed twice to break a resistance at $7.66.

The resistance is identified as the 61.8% projection level of an upward wave C from $7.12-3/4, which may either complete around $7.66 or extend a lot to $7.99-1/4.

The behaviour of the contract around $7.66 suggests a completion of this wave or its first part. In either case, a further correction is expected.

On the daily chart, wheat failed to break a similar resistance at $7.61. The failure triggered a correction towards $7.41-1/4 or $7.31, a support provided by a rising trendline.

The uptrend will be deemed intact, if wheat could maintain above the trendline. A break above $7.61, which seems unlikely over the next one or two days, may lead to a gain into the range of $7.80-3/4 to $8.05-1/2.

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 fall into .33-.39 range, temporary top formed

Source: Brecorder

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