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Tuesday, June 6, 2023

CBOT wheat may retest $8.17-1/2; three-wave bounce incomplete

SINGAPORE: CBOT March wheat may retest a resistance at $8.17-1/2 per bushel, a break above which could lead to a gain to $8.28-1/2.

The rise from $7.82-1/2 may consist of three waves. So far only two have unfolded. The wave c is expected to travel into the range of $8.28-1/2 to $8.39-1/2.

Support is at $8.04-1/4, a break below which could cause a fall to $7.95-3/4. A further drop, however, could signal the continuation of the downtrend from $8.74-3/4, towards $7.82-1/2.

On the daily chart, wheat looks a bit neutral in a range of $7.92 to $8.16-3/4. A rise above $8.16-3/4 could be extended to $8.33-3/4 or $8.56-3/4, while a break below $7.92 could open the way towards a lower zone of $7.52-1/4 to $7.72-1/4.

The bias could be towards the upside, as indicated by the hourly chart signals.

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 .17-1/2; three-wave bounce incomplete

Source: Brecorder

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