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Saturday, April 1, 2023

CBOT wheat may retest $8.12; correction target at $8

SINGAPORE: CBOT December wheat may retest a support at $8.12 per bushel, a break below which could cause a drop into $7.99-1/4 to $8.07 range.

A five-wave cycle from $7.62-1/2 has completed, triggering the deep correction on Tuesday. The cycle is expected to be further reversed.

Before falling more, wheat may bounce moderately to a resistance at $8.19-3/4, as it managed to stabilize around $8.12.

On the daily chart, the break above $8.22-1/4 proved to be false. The bearish engulfing pattern forming between Tuesday and Wednesday suggests a further fall on Wednesday.

The fall may be shallow, probably limited to a trendline support at $8.00, as this fall could be classified as a pullback towards this line.

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 .12; correction target at

Source: Brecorder

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