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Saturday, January 22, 2022

CBOT wheat may drop to $7.99-1/2; rising channel violated

SINGAPORE: CBOT March wheat may drop to $7.99-1/2 per bushel, as it has broken a support at $8.14.

The break basically wipes out the chance of the uptrend continuation, unless wheat could close firm above this support on Tuesday.

The drop is driven by a wave c, which is travelling towards $8.03-3/4, its 100% projection level, near $7.99-1/2.

A break above $8.15-3/4 could lead to a gain to $8.25-1/2.

On the daily chart, wheat has fallen below a rising channel and moved into a duplicated lower channel, which suggests a target of $7.72-1/4.

The current correction could be similar to the one from the Aug. 13 high of $7.95-1/4, to reverse a big part of the gain from $6.87-3/4.

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 drop to .99-1/2; rising channel violated

Source: Brecorder

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