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.
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