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Sunday, January 16, 2022

CBOT wheat may retest $7.84; downward wave c incomplete

SINGAPORE: CBOT March wheat may retest a support at $7.84 per bushel, a break below which could cause a fall to $7.71-3/4.

The contract is riding on a wave c from $8.55-1/4. This wave is capable of travelling to $7.71-3/4. The bounce triggered by the support at $7.84 seems to be ending around a resistance at $7.99-1/2, the 76.4% retracement of the uptrend from $7.76-1/2.

The retracement analysis also reveals a deep reversal of the uptrend. The low at $7.76-1/2 is highly likely to be revisited.

A further gain from the current level may be limited to $8.03-3/4.

On the daily chart, the lower channel 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.

Wheat may extend loss to $7.59, as the previous correction reversed around 61.8% of the uptrend.

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 .84; downward wave c incomplete

Source: Brecorder

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