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Sunday, July 3, 2022

CBOT wheat seeks support at $7.87-1/4, correction short-lived

SINGAPORE: CBOT December wheat may have found a support at $7.87-1/4 per bushel. It may resume its uptrend towards the resistance at $8.07.

The uptrend from $7.45 has been riding on a wave c, which has travelled to its 114.6% projection level of $8.07.

Chances are this wave may eventually extend into $8.19-3/4 to $8.32-3/4 range.

The structure of this wave suggests its partial completion. Its rapid advance well justifies the sharp fall from $8.07. A break below $7.86-1/4 could cause a fall to $7.78-3/4.

The fall could be attributed to a trendline resistance around $8.05-1/2 on the daily chart.

In consideration that the wave c from $6.77 may extend to $8.45-1/4, the current shallow correction could be short-lived.

Wheat may take a longer time to complete its correction if it fails again to break $8.05-1/2 by end of this week.

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 seeks support at .87-1/4, correction short-lived

Source: Brecorder

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