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Tuesday, October 4, 2022

CBOT wheat may test resistance at $8.01-3/4

SINGAPORE: CBOT wheat may test a resistance at $8.01-3/4 per bushel, a break above which could lead to a gain to $8.24.

The contract managed to stabilise around a support of $7.65-1/2.

The bullish divergence on the hourly RSI suggests an exhaustion of the downtrend and a decent bounce to occur.

Wheat ticks higher, Ukrainian exports limit gains; corn dips

Even though it is not 100% certain that wheat would rise, strategically, it is much safer to target $8.01-3/4 to $8.24 range than to target $7.36-1/2. Only a fall below $7.54 could be extended to $7.36-1/2.

On the daily chart, the downtrend from $12.85 is developing within a wedge, which looks like a bottom pattern.

CBOT wheat may test resistance at .01-3/4

Source: Brecorder

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